Shares of steel and aluminum stocks are trading higher on reports indicating US President Biden will call for tripling tariffs on Chinese steel and aluminum.
Portfolio Pulse from Benzinga Newsdesk
Shares of steel and aluminum stocks, including AA and CENX, are trading higher following reports that US President Biden plans to triple tariffs on Chinese steel and aluminum.
April 17, 2024 | 11:09 am
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POSITIVE IMPACT
Shares of Alcoa Corporation (AA) are trading higher due to the anticipated increase in tariffs on Chinese steel and aluminum.
The increase in tariffs is expected to benefit domestic producers like Alcoa by potentially reducing competition from Chinese imports, leading to higher prices and demand for their products.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Century Aluminum Company (CENX) shares are up following the news of potential tripling of tariffs on Chinese steel and aluminum.
As a producer of aluminum, Century Aluminum stands to benefit from reduced Chinese competition in the U.S. market, which could lead to increased prices and demand for their aluminum.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90