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The immediate effect of Trump's trade announcement

President Trump's decision yesterday to implement new tariffs on steel and aluminum imports was greeted poorly by the markets, but not all sectors were treated equally.

Data:; Chart: Axios Visuals
  • U.S. steelmaker stocks spiked on the expectation that they'll be able to charge more for their products, given that countries like China will have a tougher time flooding the U.S. market with subsidized steel.
  • But U.S. steelmaker customers, like domestic automakers, were particularly hard hit. And even foreign makers with major U.S. manufacturing facilities, which as Toyota, are warning of "substantially" higher prices.

Be smart: These immediate impacts were to be expected, including by the White House. But much more severe stock moves could come if foreign countries take retaliatory action against U.S. exporters — perhaps in sectors like agriculture — which is what classical economists predict will come next.

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D.C.'s March for our Lives: "The voters are coming"

Protestor at D.C.'s March for our Lives.
Protestor at D.C.'s March for our Lives. Photo: Axios' Stef Kight.

D.C.'s March for our Lives event is expected to see more than half a million participants.

Why it matters: While D.C. is the primary march, there are hundreds of others around the world and across the country. Led by students, the march is "to demand that a comprehensive and effective bill be immediately brought before Congress to address" gun issues, per the organization's mission statement.

Mike Allen 2 hours ago
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How Trump created a new era of high risk

Illustration: Lazaro Gamio / Axios

On Jan. 26, just over a year into his presidency, President Trump had a president's dream: peace and prosperity. The Dow Jones industrial average, S&P 500 and Nasdaq all hit record highs.

Where it stands: Since then, Trump has injected multiple new risks into the system.