As reported by the Associated Press, President Donald Trump on Friday, May 1st told Pennsylvania steelworkers he’s doubling the tariff on steel imports to 50% from 25%. In a later post on his Truth Social platform, Trump said aluminum tariffs would also be doubled to 50% and that both tariff hikes would go into effect on Wednesday, June 4th.
CNBC reported the stock prices of several U.S. steel companies surged on Monday, June 2nd. As stated in their report, "Shares of mining company Cleveland-Cliffs popped roughly 22% following the announcement, while Steel Dynamics jumped more than 13% and Nucor was up more than 12%. The VanEck Steel ETF (SLX) rose more than 3%."
Bloomberg reported that the price of steel and aluminum has surged as well. See the full details on current prices here.
Michael Morris is Editor for EC&M. He is also Editor for EC&M's sister publications ElectricalWholesaling and Electrical Marketing. Email him at [email protected].
