From @WSJopinion: Trump’s tariffs and chaotic trade policy will yield a mishmash—not an international system led by a more powerful and attractive America, writes Robert B. Zoellick https://t.co/AHgEOoO2kf ...

From @WSJopinion: Trump’s tariffs and chaotic trade policy will yield a mishmash—not an international system led by a more powerful and attractive America, writes Robert B. Zoellick https://t.co/DUn92JZiAe ...

From @WSJopinion: As the Trump trade policy reverberates around the globe, what was once the world’s most admired nation is becoming a pariah state, writes Alan S. Blinder. https://t.co/vPVTzbDzhB ...

Professor, fantastic to have you with us on this Friday of all Fridays. It's a fluid situation. What exactly the policy on gold imports is coming into the US, but I'm curious to hear your thoughts on what it could mean.We talked a little bit about the turmoil, what would it actually mean for the global economy if we did import or put tariffs rather, on gold imports. Well, I don't think the economic impact ultimately is very large, but I think what you're seeing is a symptom. A lot of us who have been follow ...

Donald Trump’s trade policy will be hard to dislodge. Its beneficiaries will be well-organised; its victims may not even realise why they are poorer than they could have been https://t.co/9zTBMDz8ff ...

John, thank you very much. This is a wider thanex expected loss for the second quarter for Rivian. The company losing 80 cents a share. The street was expecting a loss of 65 cents a share.Revenue roughly in line with expectations coming in at $1.3% billion. The company after two straight quarters of a gross profit swung to a negative a gross loss if you will, $26 million in the second quarter. No change in the fullear delivery guidance.still expecting to deliver between 40 and 46,000 vehicles, but it is wid ...

Trade Policy - The report focuses on news regarding the White House's trade policy [1] Source - CNBC's Eamon Javers is reporting the news [1]

While uncertainty around Donald Trump's trade policy is curbing Canadian businesses investment and consumer spending, firms see the country's economy avoiding the worst recessionary outcomes, central bank surveys show https://t.co/7EvKOsJoyw ...

Trade Deficit and Tariff Impact - The trade deficit has widened, partly due to retaliatory measures from other countries in response to the US's more aggressive trade policies [3][4] - Blanket tariffs are not seen as effective in addressing trade imbalances, with little support outside the administration [18] - There's concern that tariffs are more performative than strategic, causing market downturns without achieving reshoring or manufacturing goals [5][6] US Economic Position and Trade Relations - The US is considered the most desirable economic market, but its reputation is being damaged by perceived bullying tactics and disregard for the rule of law [14][15] - Other trading partners are questioning whether they can rely on the US's word, potentially seeking alternatives [16] - The administration's approach is putting US businesses in a difficult situation [16] Tariff Revenue and Economic Impact - The administration is expected to collect $3.7 trillion in tariffs, potentially to offset tax cuts, but this cost will ultimately be borne by American businesses and consumers [11] - Tariffs are viewed as a tax on American businesses and consumers, despite being presented as a toll on access to the US market [10] - Companies dependent on foreign inputs may face layoffs or business closures due to tariffs [12] Alternative Trade Strategies - Sectoral targets, focusing on specific industries and egregious behavior, are considered a more effective and targeted approach than blanket tariffs [17][18]

Financial Data and Key Metrics Changes - The company reported conversion revenue for Q1 2025 of $363 million, a decrease of approximately $4 million or 1% year-over-year [13] - Adjusted operating income for Q1 was $43 million, up $18 million year-over-year [16] - Reported net income for Q1 was $22 million or $1.31 per diluted share, compared to $18 million or $1.12 per diluted share in the prior year [17] - Adjusted EBITDA for Q1 was $73 million, an increase of approximately $19 million from the prior year period [18] - The effective tax rate for Q1 was 25%, compared to 23% in Q1 2024 [17] Business Line Data and Key Metrics Changes - Aerospace and high strength conversion revenue totaled $121 million, down $16 million or approximately 12%, reflecting a 10% decline in shipments [13] - Packaging conversion revenue totaled $127 million, up $9 million or approximately 8% year-over-year, despite a 9% decline in shipments [14] - General engineering conversion revenue for Q1 was $84 million, up $3 million or 4% year-over-year, with a 12% increase in shipments [15] - Automotive conversion revenue of $32 million increased modestly by 2% year-over-year, despite a 9% decrease in shipments [16] Market Data and Key Metrics Changes - The company noted strong demand in business jet, defense, and space sectors, while commercial aircraft OEM demand was down [13] - Trade policies have created a favorable environment for general engineering, driving higher demand and solid pricing [15] - The company expects to see continued orders in the aerospace sector as production ramps up [54] Company Strategy and Development Direction - The company is focused on optimizing overhead and maintaining its position as a low-cost producer [6] - Major investments include a new coating line at the Warwick rolling mill and the Trentwood Phase seven project, expected to drive EBITDA and margin performance [9][10] - The company is well-positioned to navigate market volatility due to its North American supply chain and metal-neutral contracts [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong momentum through 2025, despite ongoing trade policy volatility [6] - The outlook for all end markets remains consistent, with expectations of 5% to 10% growth year-over-year in conversion revenue for 2025 [27] - The company raised its full-year 2025 EBITDA expectations by 5% to 10% above recasted 2024 adjusted EBITDA [27] Other Important Information - The company changed its inventory valuation methodology from LIFO to weighted average cost effective January 1, impacting comparability of results [12] - The company generated solid cash flow from operations of $57 million during Q1, with capital expenditures totaling $38 million [20] - A quarterly dividend of $0.77 per common share was declared, reflecting confidence in long-term strategy [20] Q&A Session Summary Question: Margin progression and guidance - Management clarified that the margin progression was influenced by inventory changes and market price recognition, with expectations of returning to mid-20% margins as investments come online [31][35] Question: Shipments in packaging - Management indicated that the focus on coated and value-added products will continue, with significant increases expected in conversion revenue in the second half of the year [40] Question: Automotive market resilience - Management expressed confidence in the automotive segment, noting strong positions in light trucks and SUVs, and highlighted the relatively small impact of automotive on overall business [44][46] Question: Aerospace destocking cycle - Management believes the company is midway through the destocking cycle in aerospace, with expectations of continued orders as production ramps up [54]