Cleveland Cliffs Cleveland works a steel mill at Cleveland, Ohio, October 20, 2024.
Dustin Franz Bloomberg Getty images
Major supplies of steel jumped on Monday after President Donald Trump wandered with metal tariffs.
Actions of a mining company Cleveland-Cliffs jumped about 22% after the announcement, a Steel dynamics jumped by over 13% and Nucor increased by over 12%. . Vaneck Steel ETF (SLX) It increased by over 3%.
Trump said on Friday at the rally of Pennsylvania double steel import tariff up to 50% from 25%, which again packed commercial tensions and drew criticism from global partners.
“We will impose an increase of 25%. We will bring it from 25% to 50% – tariff to the United States of America, which will be further protected by the steel industry in the United States,” said Trump.
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Europe responded to higher tariffs, saying on Saturday that Trump's plan “undermines ongoing efforts to achieve a negotiated solution” and that “European Union) is prepared to impose remedies.”
On Friday, Trump also welcomed something that he called a “hit” between the American Stal and the Japanese steel giant Nippon Steel.
He Promised During the rally, in which American steel would be “controlled by the US” and that there will be no exemptions. But Trump refrained from causing a merger transaction, saying before saying that “partnership” would create at least 70,000 jobs in the American economy.