Industrial shares slammed as impact of Trump tariffs weighs

• Industrial shares are taking a heavy beating into the final hour of trade amid concerns that Pres. Trump's tariffs on imported steel and aluminum could ignite a trade war: MTW -6%, CMI -4.4%, RRD -4.1%, LMT -3.8%, SWK -3.5%, CHRW -3.4%, BA -3.4%, UTX -3.2%, CAT -3%, EXPD -2.9%, NOC -2.9%, RTN -2.8%, SNA -2.8%, PCAR -2.8%, TXT -2.7%, ROK -2.5%.
• Barclays economists say Wall Street is overreacting to the tariff news, believing the effects will be contained because steel and aluminum amount to just 2% of total imports and thus should not drive prices appreciably higher or crimp broader economic growth.
• "Meanwhile, any inflationary impulse from higher tariffs depends on whether firms view the increase as permanent and if the current state of the business cycle would contribute to a high pass-through rate from tariffs to final goods," Barclays says.
• ETFs: XLI, VIS, FIDU, IFLY, IYJ, PAVE, FXR, AIRR, RGI, UXI, SIJ, JHMI, INDF