US steelmakers rise after Trump threatens 50% tariff on steel, autos amid Canada trade spat
XLB•Sector performance
Including the session's moves, the S&P 500 Steel index (.SPLRCSTEEL) was up about 51.02% year to date.
Canada trade dispute escalates
The two countries failed to reach a trade deal late on Friday, with each side blaming the other as Canada readied tariffs on some U.S. goods in retaliation for 50% levies ordered by Trump on other Canadian products.
Steelmakers rally on tariff threat
Shares of U.S. steel and aluminum companies rose after U.S. President Donald Trump said in a social media post that tariffs on all Canadian cars, trucks, automotive parts and steel will be increased to 50% starting January 1.
Nucor (NUE.N) was up 4.57%, Cleveland-Cliffs (CLF.N) up 7.19%, Steel Dynamics (STLD.O) up 4.95% and Century Aluminum (CENX.O) up 4.31%.
