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%.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
March 11, 2025 12:28 ET (16:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.