Stock Track | Steel Dynamics Soars as Trump Victory Fuels Hopes for Steel Industry Protections

Stock Track11-07

Shares of Steel Dynamics Inc. (STLD) surged 14.63% on November 6, 2024, as the U.S. steel industry rallied following Donald Trump's claimed victory in the presidential election. The steel manufacturer's stock was among the top gainers, reflecting investors' optimism about the potential impact of a Trump administration on the domestic steel industry.

The market's reaction was fueled by expectations that Trump's presidential agenda may include rising protections for American steelmakers, potentially through measures such as tariffs or quotas on imported steel. Trump had previously imposed a 25% tariff on imported steel during his previous term in office, aiming to revive the flagging industry. However, these tariffs were later revoked by the Biden administration in 2021.

Trump has also pledged to limit foreign access to domestic markets to ensure a 100% American supply chain if he wins the election. He has reiterated intentions to impose new tariffs on China ranging from 60% to 100%, as well as a 10% tariff on imports from other countries. Additionally, Trump has vowed to block a proposed merger between U.S. Steel and Japan's Nippon Steel, stating, "I will stop Japan from buying United States Steel."

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