Trump Says Steel Tariffs Will Increase to 50%. Cleveland- Cliffs Stock Soars.
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President Donald Trump dropped a bombshell at a Friday evening rally, announcing that tariffs on imported steel would go from 25% to 50%. Shares of Cleveland-Cliffs rose almost 26% in after-hours trading to $7.40 apiece. Nucor and Steel Dynamics stocks rose about 12% and 13%, respectively.
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