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Steel Companies Jump After Trump Hits Brazil and Argentina with Tariffs 

Published 12/02/2019, 11:22 AM
Updated 12/02/2019, 11:24 AM
© Reuters. - Steel and mining companies were higher in midday trade on Monday after U.S. President Donald Trump said he was re-implementing steel tariffs on imports from Brazil and Argentina.

The unexpected decision was due to the weakness in the Brazilian real and Argentine peso, Trump tweeted. The announcement was a surprise for officials, especially in Brazil as Brazilian President Jair Bolsonaro has worked to develop closer ties with the U.S.

Vale (NYSE:VALE) rose 2.4%, while U.S. Steel (NYSE:X) surged 4.4%. Steel Dynamics (NASDAQ:STLD) gained 1.6% and AK Steel (NYSE:AKS) jumped 7.8%. TheVanEck Vectors Steel ETF (NYSE:SLX) was up 0.7%.

Latest comments

How much do you sell your stock?
there is no need for that
surprise for what? real and peso is weaker and weaker turning it the usa steel imports cheaper then buy steel on usa. taxes willake the game fairly faire!
i have stock
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