US industries, trade groups split over Trump's tariff probe

What happened: The White House plans to temporarily lower beef import tariffs, causing Tyson Foods and Walmart shares to drop, while Brazilian meatpacker Minerva Foods rose. U.S. industries are divided over Trump's tariff probe into excess factory capacity. Senator Ron Wyden introduced a bill to curb Trump's tariff powers. U.S. Trade Representative Robert Lighthizer hinted at new tariffs on dozens of countries. Two senators, Elizabeth Warren and John Kelly, pressed the administration on the effects of tariffs on manufacturing. The U.S. trade court ruled against Trump's 10% global tariffs.

Market impact: The proposed tariff reduction impacted meat producers and retailers, with Tyson Foods and Walmart shares declining. The split among U.S. industries over tariffs indicates differing impacts on various sectors. The bill to curb Trump's tariff powers and the potential for new tariffs could affect companies and industries subject to these policies. The ruling against Trump's global tariffs may influence future trade policies.

What to watch next: Investors should monitor Tyson Foods and Walmart's earnings, as their guidance may reflect the impact of the proposed tariff changes. The next catalysts to watch are the administration's decision on new tariffs, the progress of Senator Wyden's bill, and any further developments in U.S. trade policies.