Shares of Cleveland-Cliffs Inc. (CLF) soared over 15% in premarket trading on Monday, following President Donald Trump's announcement of plans to impose steep tariffs on steel and aluminum imports into the United States.
Trump said he would introduce new 25% tariffs on all steel imports and aluminum imports into the country, on top of existing duties on the metals. The president claimed the move would protect domestic producers from unfairly priced foreign imports.
The tariffs could boost demand for U.S.-produced steel by making it more expensive for overseas companies to sell lower-priced steel in the American market. Analysts suggest the move could allow domestic steelmakers like Cleveland-Cliffs to raise their prices in the short term.
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