After markets closed on Tuesday, the White House confirmed that tariffs on steel and aluminum will start today. The President threatened to apply 50% on Canada’s imports. However, Canada backed down on tariffs for its electricity exports pending negotiations on Thursday.
The tariffs will hurt Stelco, which Cleveland-Cliffs (CLF) acquired for $2.8 billion last July 2024. Algoma Steel Group (ASTL), whose stock already lost 40% in 2025, will continue to trend lower.
In February, 10% tariffs on China started. China retaliated. More recently, China responded to the 20% tariffs that started on March 4. It applied duties of up to 15% on U.S. farm goods. This will hurt the U.S. chicken and pork markets.
In Tuesday’s trading, stock markets continued their decline but bounced back before 2 p.m. In the last hour of trade, fearful investors sold into the day’s rally. Investors are unwilling to hold technology firms like Apple (AAPL). AAPL stock dropped by 2.92% to close at $220.84.
In the EV sector, Tesla (TSLA) added back 3.79%. President Trump said he would buy a Tesla vehicle. He also turned the White House into a Tesla showroom. Tesla delivered five models so that the President may choose from them. While TSLA stock fell, China EV firms soared. XPeng (XPEV) gained 30.27% in the last week after announcing that it would expand into robotics. This would mimic that of Tesla’s Optimus robot strategy.
