“After that will likely come a scaling back of capital expenditures, price increases for consumers and a slowdown of what had the potential to be the strongest economic growth in 20 years,” the AII warned.

Related: Tariff News Doesn’t Lift Steel ETF

According to the AIIS, U.S. steel exports were up 0.5 percent year-over-year to 861,005 net tons in April, but a potential trade war looming with Canada and Mexico, key U.S. trade partners in the North American Free Trade Agreement who are large buyers of American steel, could hamper volumes in the future.

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