Steel company stock prices decline despite Trump tariff boasts

In early December, President Donald Trump tweeted: “…I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN” Making good on his promise, or at least part of it, a 25% tariff on steel imports to the US was imposed March 8 of this year. But despite the tough talk, there is little sign that the new rates have been an economic boon. And if boosting the price of US steelmakers’ shares was to be a side benefit of the tariff, in this respect it has failed – miserably. Stock prices of some major consumers of steel haven’t been hit quite as hard, but they are also down sharply since the start of 2018. With the year nearing a close, S&P Global Platts took a look at where stock prices were for eight key steelmakers and eight steel consumers in the US on January 2, 2018 and compared them with closing prices on December 18.… continue reading

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