The tariffs also helped prop up the steel-related ETFs, which include significant international exposure. SLX country weights include 38.8% U.S., 18.6% Brazil, 13.4% U.K., 11.1% Netherlands, 7.5% South Korea, 6.4% Luxembourg and 4.4% Bahamas.
Meanwhile, the demand side is also seeing improvements as the U.S. economy also gains momentum.
“The Obama administration’s new tariff on Chinese steel was an absolute game-changer that has effectively negated the No. 1 threat to the American steel industry. Throw in a new and improved economic landscape and I think these stocks have more room to run,” Cramer added.
Market Vectors Steel ETF