Steel and aluminum stocks rose in response to Trump’s decision to put 25% tariffs on imports to the United States
Steel and aluminum stocks jumped Monday after President Donald Trump announced 25% tariffs on all metal imports into the United States.
Cleveland-Cliffs increased by 14%, Nucor by 7%, Alcoa Corp. by 4%, and U.S. Steel by 3%.
«Any steel coming into the United States is going to have a 25% tariff,» Trump told reporters on Air Force One on Sunday. The president also announced that he will impose 25% tariffs on aluminum imports.
According to a JP Morgan note, the United States imports more than 80% of its aluminum. According to the investment bank, Canada supplies the United States with approximately 70% of its raw aluminum.
JP Morgan estimates that the aluminum levy would increase prices by approximately 30 cents per pound, excluding transportation and other costs. The bank anticipates domestic aluminum production to rise as a result of the tariffs.
