By Alan Murray and David Meyer
March 2, 2018

Good morning.

Stocks are tumbling around the globe this morning out of fears that President Trump’s tariffs on steel and aluminum may spark a trade war. Trump said the duties of 25% on steel and 10% on aluminum will be announced next week. Stocks were down in Asia and Europe, and futures point to another down opening in the U.S.

Meanwhile, it’s Friday, so time for some feedback, of which there has been plenty this week, over corporate injections into the gun debate.

R.B. thinks the corporate actions have been perfectly rational:

“Corporations are not setting gun policy, they are responding to their customer base, which is what CEOs should do. The United States adult population is 228 million, and there are 126 million households. Unlike our elected officials in Washington, companies are not highly dependent on 5 million NRA members.”

But G.H. thinks the companies taking action against the NRA may be making a mistake:

“There are two big risks of shunning the NRA or any group out of fear of the cowards who hide behind social media. First, is the risk of offending people you didn’t intend to shun. For example, the companies shunning the NRA are, by default, shunning many police officers who are members as well as shunning many lawmakers who are members….The other risk of shunning is where do you stop?”

For Delta Airlines, the cost of action has been real. The Georgia state Senate passed a tax bill, but stripped it of a $40 million break for the airline because of its action to end discounts for the NRA.

More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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