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Earlier this “President Trump opened an investigation under Section 232 of the Trade Expansion Act of 1962 that could allow the president to impose restrictions on imports if imports threaten to impair national security. Current curbs on steel imports relate to unfair trade complaints filed with the World Trade Organization. The Defense Department reportedly consumes less than 0.3% of the US steel industry’s annual output by weight,” said Fitch Ratings in a note.

The $137 million SLX holds 24 stocks. The U.S. accounts for almost 38% of the ETF’s weight while Brazil and the Netherlands combine for 38%.

“On Tuesday, three senior administration officials told Reuters that Trump is impatient with China and is looking at a range of options, including tariffs on steel imports. Similarly, Axios reported Tuesday that the West Wing is discussing penalties for preventing or punishing foreign firms for selling large quantities of steel in the U.S. at prices far below the market,” according to CNBC.

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