A water tower in the US Steel Corp. Edgar Thomson works on September 4, 2024 Stahlmühle in Braddock, Pennsylvania.
Justin Merriman | Bloomberg | Getty pictures
Steel and aluminum stocks rose on Monday after President Donald Trump explained that he would impose 25% tasks for all imports of metals into the USA
Cleveland cliffs gathered almost 18%, Nucor Jumped more than 5%, Alcoa rose by more than 4% and rose US steel increased almost 5%.
“Every steel that comes to the USA will have a tariff of 25%,” Trump told reporters on Air Force One on Sunday. The president said he would also hit 25% tariffs on aluminum imports.
According to a note from JPmorgan, the United States rely on imports for more than 80% of its aluminum needs. According to the Investment Bank, Canada delivers around 70% of the Rohaluminium to the United States.
According to the JPMorgan, the aluminum tariff would be added to almost 30 cents per pound at the prices and not the transport company and other costs. The bank expects the domestic production of aluminum as a result of the tariffs.
“Although existing inventory can deliver a short -term buffer, the medium -term outlook on a minor effect on aluminum prices indicates, since the potential demand for US customers tells.