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U.S. Defense Department backs ‘targeted’ tariffs on steel, aluminum

  • U.S. Secretary of Defense Mattis supports recommendations from the Commerce Department in urging “targeted” tariffs on steel and aluminum, while warning that more sweeping action might antagonize U.S. allies.
  • The Defense Department agrees that imports of steel and aluminum “based on unfair trading practices” undermine national security, Mattis says in a memo to Commerce Secretary Ross.
  • Pres. Trump has until April to decide whether to take action on the Commerce Department's recommendations, which included a range of options for tariffs as high as 24% on foreign steel and 7.7% on aluminum.
  • Potentially relevant tickers include X, AKS, NUE, MT, STLD, CLF, CMC, TS, AA, ARNC, CENX
  • ETFs: SLX, JJU-OLD, FOIL

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United States Steel Corporation