Trump’s tariffs could give steel companies more pricing power, but weaker demand could weigh on the stocks longer term, Wall Street analysts said.
On Saturday, Trump slapped 25% tariffs on imports from Mexico and Canada and a 10% levy on those from China.
U.S. companies hope the result will be a boost in U.S. production and an opportunity to raise prices.on imports from Mexico and Canada and a 10% levy on those from China. On Monday, the U.S. agreed toSign up for NBC Philadelphia's News Headlines newsletter. The industry has been battling cheap foreign imports for years, thanks to illegal dumping into the U.S. market, Nucor CEO Leon Topalian said in anrefers to when a foreign country exports products at a lower price than in its home market or below production costs."It's the illegal dumping, the subsidization of steels and the currency manipulation that creates a very unbalanced and unlevel playing field that has hurt the steel industry for decades," Topalian told Jim Cramer.
However, those price increases will be tempered by limited dampened demand. The Wall Street investment bank anticipates"modest" steel demand growth of 1.6%., saying he no longer sees meaningful upside to his price target, assuming U.S. Steel remians independent and isn't acquired. His target of $39 per share implies 6% upside from Friday's close.
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