President Donald Trump will likely look to a 1930 trade law to back his new reciprocal U.S. tariffs that will match other countries’ higher import taxes, David Lawder of Reuters reports, citing trade and legal experts. Trump has said the new U.S. tariff rates would take effect “almost immediately,” and the Trade Act of 1930 would provide him a quick path to imposing them. Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X). Companies in the aluminum space include Alcoa (AA) and Century Aluminum (CENX).
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