President Trump Says If We Don't Make Steel Ourselves, We Can't Defend Ourselves
https://www.youtube.com/watch?v=TmNee1tFImc
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Shares of steel-related companies are trading lower after the Trump administration released details for a $15 billion steelmaking complex in Iowa that's slated to produce 7.5 million tons per year from 2030, with possible expansion of up to 10 million tons annually. Investors may be concerned about overcapacity in U.S. steel production.
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Shares of steel-related companies are trading higher after President Trump said in a social media post that tariffs on cars, trucks, automotive parts and steel from Canada will be increased to 50% from January 1, 2027. Steelmakers with U.S. production facilities may benefit from the protectionist import duties.