Steel Tariff Profiteers

As American steelmakers announce huge yearly profits, President Trump has practically unfurled a “Mission Accomplished” banner. “Tariffs on the ‘dumping’ of Steel in the United States have totally revived our Steel Industry,” he tweeted last week. Yet investors don’t think so. From the time Mr. Trump announced his 25% tariffs through the middle of January, steel stocks lagged the S&P 500 by nearly 20 percentage points. What gives?

One possible explanation is that steel companies have reaped a one-time windfall. Tariffs…


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