Wall Street turns defensive on Trump's protectionist stance
The S&P 500 was on track for its worst day this year as President Donald Trump's protectionist stance on trade sent investors scurrying for safe-haven assets on Monday.
United States Steel Corp said on Thursday that Chief Executive Mario Longhi was referring to the whole U.S. steel industry, not US Steel, when he spoke on Wednesday about potentially restoring up to 10,000 jobs in the United States.
Longhi, responding to a question on CNBC's "Power Lunch" program, had said: "I'm more than happy to bring back the employees that we were forced to lay off during the depressing period ... (which) could be close to 10,000 jobs."
He had been asked about initiatives proposed by President-elect Donald Trump, who has said he wants to renegotiate trade deals, invest in infrastructure and restore jobs, including those in the steel industry.
US Steel had about 21,000 employees in North America as of Dec. 31, down from about 28,000 in 2007.
Citing Labor Department statistics, US Steel said the U.S. steel industry has laid off more than 16,000 people since January 2015.
U.S. steelmakers have said dumping of cheap steel by China on world markets has made it difficult for them to compete.
US Steel shares were little changed at $37.42 in morning trading.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Ted Kerr)
MEXICO CITY Mexico's economy minister said his country was ready to renegotiate trade rules with the United States and that any change in U.S. tax policy that affected imports would have to be countered with a "mirror action" in Mexico.
Shares of U.S. auto part retailers fell sharply on Monday following a report that Amazon.com Inc had set its sights on the $50 billion do-it-yourself after-market auto parts business.