Zekelman Industries, a Chicago-based maker of steels pipes and tubes, has filed for an initial public offering.
The bottom line: This could become one of the largest industrial IPOs in recent years, to be followed by a public market performance that could be significantly impacted by tariff fluctuations on steel and aluminum.
Businesses are arguing that the Trump administration's proposed 25% tariffs on $200 billion worth of Chinese goods will force American consumers to pay more for everyday items ranging from "cradles to coffins," reports Reuters.
The big picture: More than 1,400 written comments submitted by American firms will be heard beginning Monday, as the Office of the U.S. Trade Representative hosts the first of six days of public hearings on the new tariffs. Led by the U.S. Chamber of Commerce, businesses nationwide are claiming that the administration lacks a "coherent strategy" on trade and intellectual property theft, warning that everyday Americans will be forced to pay the price.
The S&P 500 is up by more than 300% over the past nine years. The S&P Managed Care sector, which includes the country's biggest health insurers, is up more than 1,100% over the same period.
Why it matters: That's a big surprise for some analysts, who in 2009 thought the ACA would be bad news for the insurance industry, CNBC reports.
Trumpto the VFW National Convention in Kansas City, Mo., on July 25: "And just remember: What you’re seeing and what you’re reading is not what’s happening."
Giulianion "Meet the Press" yesterday: "Truth isn’t truth."
Slogans of the Party in George Orwell's "1984": "War is peace ... Freedom is slavery ... Ignorance is strength."
The president's contempt for mainstream polling and the media may come back to haunt him in November. Several top Republican operatives working on the midterm elections told me Trump's fanciful "red wave" predictions could depress Republican turnout and, ironically, serve to make any blue wave even bigger.
What we're hearing: One of those strategists told me he's detecting something interesting — and concerning — from focus groups of Trump voters. "You have Trump-MAGA loyalists, and their friends on Fox, who have reached a point of not believing polls and media people telling them things are going wrong, that I believe is actually causing the Republicans problems," the strategist told me, granted anonymity in order to be candid.
Several top White House officials thought then and think now that President Trump made an epic error in rolling over to cooperate with Robert Mueller in the early stages of the special counsel investigation.
Why it matters: Trump himself tells associates [Updated] that he thought then and thinks now that he personally has nothing to lose because he personally did nothing wrong. Who’s right might very well decide the fate of the Trump presidency.
Unless it's improbably interrupted, the bull run on Wall Street will become the longest on record this week, and — if most analysts are right — the party will continue for some time yet.
The big picture: If there is something to worry about, it's that the run is not self-propelled. Instead, it relies largely on the rocket fuel of unusually low interest rates and, most recently, the corporate tax bonanza. Crucially, italso seems to have done little to salve the profound popular mistrust in institutions and the leadership class, who put in motion the series of calamities that continue to hound the U.S. and the world — the Iraq war, the financial crash, and the everyone-for-themselves economy.
