There You Go Again: Steel and Aluminum Tariffs

Trump said yesterday he will be announcing new tariffs on steel and aluminum today. As of this writing, stocks are higher despite this seemingly negative development. The 2018-2019 Trump tariffs began with steel and aluminum. Initially prices were affected, but by less than the amount of the tariffs. Within about a year, prices had returned to the pre-tariff level and then went lower. We reiterate our wait and see posture on Trump tariffs.