Trump Giveth and Taketh Away for Metal Stocks in Trade Crossfire
(Bloomberg) -- Iconic U.S. metal stocks Alcoa Corp. and U.S. Steel Corp. benefited from the Trump administration’s initial crackdown on cheap imports, as tariffs on aluminum and steel boost the appeal of domestic product.
The latest measures are having the opposite effect, at least so far. Shares in Alcoa fell as much as 3.7 percent Friday, while the Pittsburgh-based steelmaker lost 4.8 percent.
It’s part of a mining and metal selloff fueled by concern that Trump’s announcement of tariffs on $50 billion in Chinese imports will end up curtailing demand in the world’s biggest consumer of raw materials.
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