Steel stocks surged Monday after Trump announced a tariff hike on imported steel, doubling the rate from 25% to 50%, according to Benzinga. Cleveland-Cliffs rose about 25% in premarket trading, while Steel Dynamics and Nucor gained over 10%. The VanEck Steel ETF climbed 1.9%. Trump announced at a Pennsylvania rally, claiming the move would “further secure the steel industry.” The EU criticized the plan, warning of possible countermeasures. Trump also touted a “blockbuster agreement” between U.S. Steel and Nippon Steel but did not call it a merger, instead promising U.S. control and no layoffs. He claimed the deal would create 70,000 U.S. jobs.
