Steel, aluminum shares jump on tarrif optimism after Cohn resignation - InvestingChannel

Steel, aluminum shares jump on tarrif optimism after Cohn resignation

Shares of domestic steel and aluminum makers are higher after Gary Cohn, the Trump administration’s key economic adviser, resigned yesterday. Cohn, the director of National Economic Council, is a free trade advocate and has been at loggerheads with President Donald Trump over the president’s views on tariffs. Cohn had clashed with the President in an oval office meeting where Trump was looking for Cohn’s support on instituting sweeping tariffs on steel and aluminum imports, according to a Bloomberg report. Shares of domestic steel producers are higher in midday trading, including U.S. Steel (X) AK Steel (AKS), Steel Dynamics (STLD) and Nucor (NUE). Shares of domestic aluminum makers, including Century Aluminum (CENX) and Alcoa (AA), are also higher.