Cleveland-Cliffs Stock Jumps as Trump Bumps Up Steel Tariffs

Published 1 days agoCLF

Cleveland-Cliffs Stock Jumps as Trump Bumps Up Steel Tariffs

Cleveland-Cliffs Inc. (CLF) saw its stock price climb following President Donald Trump's announcement to double tariffs on imported steel and aluminum to 50%. The tariffs, set to take effect on June 4, 2025, are aimed at protecting domestic industries from perceived unfair trade practices. On June 2, in premarket trading, U.S. steel companies including Cleveland-Cliffs enjoyed notable share gains, Reuters reported.

The tariff increase has sparked trade tension concerns, as it potentially leads to higher steel prices affecting industries such as construction and automobiles. These changes come amid international criticism, with countries like Canada and Australia warning of economic repercussions and considering retaliatory measures.

Cleveland-Cliffs has openly supported the tariff escalation, seeing it as advantageous for the U.S. steel sector. As of June 2, 2025, their stock traded at $5.83, reflecting the market's response to the tariff news. Their recent backing of the administration's decision underscores the company's strategy to capitalize on favorable domestic policy shifts.

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