Steel Stocks Surge Amid New Tariff Announcements

U.S. stock index futures rose as steelmakers led gains following President Trump's new tariff announcement on steel and aluminum imports. Major steel companies, including U.S. Steel, saw significant premarket gains. Trump's tariffs announcement sparked volatility, but experts believe long-term impacts may be less severe than initially feared.

U.S. stock index futures edged higher on Monday, driven by a notable surge in steelmaker stocks, after President Donald Trump announced imposing additional tariffs on steel and aluminum imports.

The escalation in trade tariffs, revealed on Sunday, indicates a 25% tariff on all imports of these metals, adding to existing duties. The announcement bolstered U.S. Steel, which soared by 9.7% in premarket trading following comments from Japan's chief cabinet secretary regarding Nippon Steel's potential acquisition.

Other steelmakers experienced similar boosts, with Cleveland-Cliffs jumping over 12% and Nucor climbing nearly 10%. The aluminum sector also benefited, with Alcoa shares up 6.2%. Meanwhile, a reciprocal tariff announcement by Trump is expected shortly, stirring market volatility.

(With inputs from agencies.)