Steel Stocks Surge As Trump Doubles Steel Tariffs To 50%

Benzinga

Steel stocks surged Monday after Trump announced a tariff hike on imported steel, doubling the rate from 25% to 50%, according to Benzinga. Cleveland-Cliffs rose about 25% in premarket trading, while Steel Dynamics and Nucor gained over 10%. The VanEck Steel ETF climbed 1.9%. Trump announced at a Pennsylvania rally, claiming the move would “further secure the steel industry.” The EU criticized the plan, warning of possible countermeasures. Trump also touted a “blockbuster agreement” between U.S. Steel and Nippon Steel but did not call it a merger, instead promising U.S. control and no layoffs. He claimed the deal would create 70,000 U.S. jobs.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Steel stock surged Monday after Trump announced a tariff hike on imported steel,

00:06doubling the rate from 25% to 50%, according to Benzinga.

00:10Cleveland Cliffs rose about 25% in pre-market trading,

00:12while Steel Dynamics and Nucor gained over 10%.

00:15Vanex Steel ETF climbed 1.9%.

00:18Trump made an announcement at a Pennsylvania rally,

00:20claiming the move would further secure the steel industry.

00:23EU criticized the plan, warning of possible countermeasures.

00:26Trump also touted a blockbuster agreement between U.S. Steel and Nippon Steel,

00:30but did not call it a merger, instead promising U.S. control and no layoffs.

00:34He claimed the deal would create 70,000 U.S. jobs.

00:37For all things money, visit Benzinga.com slash GSTV.

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