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CLF stock surges on Trump’s decision to raise steel tariffs. Trump announced last Friday that he would hike steel and aluminum tariffs to 50%. The Trump administration is looking to trim tech contracts. Gold prices rise as Defense Secretary takes aim at China. Cleveland-Cliffs (CLF) stock jolted higher on Monday as investors repositioned following US President Donald Trump’s announcement late last Friday that he would double his existing 25% tariff rate on steel and aluminum imports to 50%. CLF stock rose 27% in Monday’s premarket on the news. The move would raise the prices for automobiles and many other consumer items that use either metal for packaging. Some economists even predict the tariff hike will bleed into grocery prices. Competitors Nucor (NUE) and Steel Dynamics (STLD) both saw their share prices gain close to 12% at the same time. Dow Jones Industrial Average futures sank by a quarter percent, while NASDAQ and S&P 500 futures both shed 0.37% at the time of writing. Air of uncertainty pervades Monday stock market news The increased steel tariffs, which are likely to be felt in a host of industries, are not the only thing worrying investors. Over the weekend, The Wall Street Journal reported that the General Services Administration had sent a letter to 10 tech companies concerning their contracts with the federal government. Dell Technologies (DELL) and CDW Corporation (CDW) were among those that received the letter, which asked them to itemize their current contracts and look for savings, as well as justify the contract work. Since the start of his administration, Trump’s team has cancelled close to 11,300 contracts with saving circa $33 billion. Elon Musk, who headed the Department of Government Efficiency, exited the administration to focus on Tesla (TSLA) and his other companies last week. But the letter sent…

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Filed under: News - @ June 2, 2025 3:25 pm