Rayonier Advanced Materials (RYAM) is suffering from tariffs with both China and Canada on top of other one-off factors in 2019. It likely needs a reduction in or elimination of tariffs in order to retain value for equity holders. Recent management actions in terms of asset sales, dividend cuts and pricing improvements are necessary. However, these initiatives may not be sufficient in the content of all segments of the business seeing challenges and only temporary relief from a covenant breach. RYAM is currently a highly speculative investment with a real risk of a