The Commerce Department will recommend wide-ranging tariffs on steel and aluminum imports, according to Axios. The reports have sent steel stocks soaring in trading Friday.
The department, which is led by Secretary Wilbur Ross, recommended a global tariff of 24% on all steel imports, with a tariff of at least 53% on imports from Brazil, China, Costa Rica, Egypt, India, Malaysia, Korea, Russia, South Africa, Thailand, Turkey and Vietnam.
The Department of Commerce is also recommending a 7.7% tax on aluminum imports from all countries with a 23.5% tariff on all products from China, Russia, Venezuela and Vietnam.
Steel stocks spiked immediately following the report.
Reliance Steel & Aluminum Co. (RS) jumped 3.16% following the report after spending much of the morning in negative territory.
U.S. Steel Co. (X) gained 10% to $42.90 at 12: 15 p.m. on Friday.
Steel Dynamics Inc. (STLD) rose 3.85% to $48.96.
Nucor Corp. (NUE) was up 4.21% to $68.34 after also spending much of Friday's session in the red.