A group of defensive stocks that the investment bank claims are well-positioned to weather any trade war are the focus of Evercore ISI’s attention.
On Sunday, President Donald Trump unveiled his most recent tariff proposal, this time targeting imports of steel and aluminium, irrespective of their nation of origin. Later, Trump issued an executive order imposing 25% steel and aluminium tariffs.
Ursula von der Leyen, president of the European Commission, responded late Monday by stating that “unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures” in the form of retaliation against the United States, adding yet another element to the escalating global trade tensions.
The steel and aluminium duties come after general tariffs on all Canadian, Chinese, and Mexican exports.
The tariffs on Canada and Mexico were delayed for a month, while the higher tariffs on China went into force on Monday. Shortly after Trump’s plan was unveiled, China responded with tariffs of its own on American imports.
Source (CNBC)
