Trump’s economic policies, which some critics have deemed protectionist, seem to target countries he perceives as taking American jobs. SLX and steel stocks have been soaring this year because the U.S. government has taken steps to curb the threat foreign steel imports.
Related: More Good News for the Steel ETF – AKS, X
Since the start of March, U.S. steel has been gaining ground when Congress passed a new customs and trade enforcement bill that allowed the Obama administration to take action against Chinese dumping. The Department of Commerce imposed a 265.79% tariff on Chinese steel, according to the Wall Street Journal.
“Traditional energy stocks, from coal companies to oil-and-gas producers, could rise Wednesday, aided by Trump’s proposals to lift moratoriums on energy production in federal areas and to push for completion of the Keystone XL Pipeline, both outlined in his America First Energy Plan,” adds Barron’s.
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VanEck Vectors Steel ETF
