Steel stocks surge after Trump doubles steel tariffs, Cleveland Cliffs jumps more than 20%

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Steel stocks surge after Trump doubles steel tariffs, Cleveland Cliffs jumps more than 20%

The Cleveland Cliffs Cleveland Works steel mill facility in Cleveland, Ohio, on Oct. 20, 2024.

Dustin Franz | Bloomberg | Getty Images

Major steel stocks jumped Monday after President Donald Trump hiked tariffs tied to the metal.

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%.

Trump said Friday at a Pennsylvania rally he would double tariffs on steel imports to 50% from 25%, a move that inflamed trade tensions again and drew criticism from global partners.

“We are going to be imposing a 25% increase. We’re going to bring it from 25% to 50% — the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,” Trump said.

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Steel stocks surge

Europe responded to the higher tariffs by saying on Saturday that Trump’s plan “undermines ongoing efforts to reach a negotiated solution” and that “the (European Union) is prepared to impose countermeasures.”

Trump on Friday also hailed what he called a “blockbuster agreement” between U.S. Steel and Japanese steel giant Nippon Steel.

He

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during the rally that U.S. Steel would be “controlled by the USA” and that no layoffs would occur. But Trump has refrained from calling the deal a merger, previously saying the “partnership” will create at least 70,000 jobs in the U.S. economy.

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