Update III: After the White House said earlier that today’s meeting would be a “listening” meeting, President Trump has taken investors by surprise by announcing that he will impose the long-rumored aluminum and steel sanctions next week.
As expected, Trump said he would impose a 25% tariff on steel imports, and a 10% tariff for aluminum. Meanwhile, here are the initial details as they trickle in:
- TRUMP: STEEL, ALUMINUM WORKERS HAVEN’T BEEN REPRESENTED
- U.S. STEEL’S BURRITT TELLS TRUMP COS. NEED LEVEL PLAYING FIELD
- TRUMP SAYS WILL REBUILD U.S. STEEL AND ALUMINUM INDUSTRIES: RTRS
- TRUMP, IN MEETING W/ STEEL COS., PRAISES SOLAR TARIFFS HE DID
- TRUMP SAYS U.S. WILL INSTITUTE TARIFFS NEXT WEEK
- TRUMP AT STEEL MEETING SAYS NEXT WEEK WILL SIGN SOMETHING
- TRUMP SAYS 25% TARIFFS FOR STEEL
- TRUMP SAYS 10% TARIFF FOR ALUMINUM
“Some time next week we’ll be signing it,” Trump said during meeting with steel and aluminum executives at White House. “And you’re going to have protection for the first time in a long time”
Before making the announcement, Trump praised his recent tariffs on solar cells and washing machines, and said they were an example of how tariffs can lead to additional U.S. investment in sectors
Metals stocks such as AK Steel, U.S. Steel, Commercial Metals and Century Aluminum rose to new session highs after Trump’s midday comments. At the same time, the Canadian dollar fell to a fresh 2018 low at 1.2879 before paring its decline slightly; steel and aluminum tariffs remind of the trade tensions between the two countries amid Nafta negotiations.
And the market is not happy…
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