U.S. steelmakers' shares jump after Trump hikes industry tariffs to 50%
CBSN
Stocks of major U.S. steel companies jumped Monday after President Trump announced he would double tariffs on steel and aluminum.
Cleveland-Cliffs steel manufacturer was up 25.2% in early morning trading. Nucor Corp., one of the nation's largest steel manufacturers, and Steel Dynamics, a steel producer and metals recycler, were both up 10% before the bell.
The surge in steel stocks followed an announcement by Mr. Trump on Friday that he would double tariffs on steel and aluminum from the current rate of 25% to 50%. The 25% tariffs, announced in February, were enacted under Section 232 of the Trade Expansion Act of 1962, which gives the president authority to restrict imports he deems a national security threat. The new 50% tariffs are slated to take effect on June 4.
