ETFs to Win/Lose on Trump's Steel and Aluminum Tariffs [Yahoo! Finance]
Diageo plc (DEO)
US:NYSE Investor Relations:
diageo.com/en/investors
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Source: Yahoo! Finance
While an initial 25% duty on all steel and aluminum imports is set to take effect Wednesday, Trump's unexpected statement about doubling the tariff sent stocks into a tailspin. However, U.S. steel manufacturers largely support the move. In a letter to the president, nine steel industry executives, including those from U.S. Steel X, Nucor NUE, and Cleveland-Cliffs CLF, expressed strong backing for the initial 25% tariffs. Later in the day, Trump suggested that the additional 25% increase might not be implemented after Ontario's premier announced a suspension of a surcharge on electricity exports. Philip Bell, president of the Steel Manufacturers Association, expressed hope that at least the original 25% duties would remain in place, as quoted on Yahoo Finance. Note that Trump has criticized past exemptions, claiming they allowed cheap Chinese steel and aluminum to enter the U.S. through third-party countries. Biden has also expressed support for stronger steel tariffs, stating in
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