President Trump announces Tariffs for Steel and Aluminum Imports starting next week. This is not a surprise considering our President has mentioned this plan before.
Construction companies bypass American Steel and Aluminum because its obviously cheaper to obtain in other countries and import it.
This is no longer the case; with the added tariffs; the price increase will make sure companies will buy from within. A 25% increase on imported steel and a 10% increase on imported aluminum.
The Dow plummeted 400 points after the announcement.
I would think companies such as Alcoa will profit from increased sales. The interesting thing is that Alcoa is the first company to report earnings each quarter and usually sets the bench mark for the upcoming earnings season to see if the economy is in good condition.
Credit: MarketWatch