President Trump’s steel and aluminum tariffs may not result in the intended boom for the U.S. steel industry. “If the automakers are using less metal, they’re selling less product because of these tariffs, eventually I think it’s going to hurt steel stocks,” said Patrick Sanders, Assistant Managing Editor at U.S. News & World Report. He pointed out that Bank of America has already downgraded U.S. Steel in light of Trump’s announcement. The tariffs could also hit employment numbers, said Sanders. “The last time that we had steel tariffs was in 2003. About 200,000 people lost their jobs. A lot of those were in the auto industry.” On Thursday, Trump stated he’d slap a 25 percent tax on steel imports and a 10 percent tarriff on aluminum imported into the U.S. Trump claimed the policy would benefit American industrials, tweeting, “We must protect our country and our workers. Our steel industry is in bad shape.”

Share:
More In Business
How Traders Can Take Advantage of A.I.
Ed Egilinsky, Managing Director, Head of Sales and Distribution & Alternatives at Direxion, joins Cheddar News to discuss how traders are reacting to bank earnings, and how traders can take advantage of artificial intelligence.
Tony Hawk Partners With Citizen on CZ Smart Watch
Legendary skateboarder Tony Hawk is the new spokesman for Citizen's new smart watch. Cheddar News spoke with Hawk to discuss his new partnership and how the watch helps him with his wellness routine.
Stretching Your Dollar: Credit Card Debt on the Rise in the U.S.
Higher prices due to inflation combined with higher interest rates are creating a perfect storm for consumers who use credit cards, according to a Bankrate.com report. Ted Rossman, senior industry analyst at Bankrate.com, joined Cheddar News to discuss the latest report and what consumers can do to avoid any potential issues.
Load More