By Ryan Dezember
Shares of steel and aluminum companies outperformed broader stock benchmarks Tuesday after President Trump said in a social media post that he would boost the planned 25% tariff on Canadian imports of the metals to 50% in the escalating trade war between the countries.
A 25% tariff on steel and aluminum shipped over the border from Canada was to take effect tomorrow, but today Trump said the levy would be 50% in response to Ontario's decision to put a 25% surcharge on electricity that is exported to the U.S. That in turn was in retaliation to Trump's pledge to impose broad 25% tariffs on Canadian and Mexican goods.
U.S. Steel, target of a blocked takeover bid by Japanese rival Nippon Steel, got the biggest lift Tuesday, gaining about 4%.
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(END) Dow Jones Newswires
March 11, 2025 12:28 ET (16:28 GMT)
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