Investing.com - Steel and mining companies were higher in midday trade on Monday after U.S. President Donald Trump said he was re-implementing steel tariffs on imports from Brazil and Argentina.
The unexpected decision was due to the weakness in the Brazilian real and Argentine peso, Trump tweeted. The announcement was a surprise for officials, especially in Brazil as Brazilian President Jair Bolsonaro has worked to develop closer ties with the U.S.
Vale (NYSE:VALE) rose 2.4%, while U.S. Steel (NYSE:X) surged 4.4%. Steel Dynamics (NASDAQ:STLD) gained 1.6% and AK Steel (NYSE:AKS) jumped 7.8%. TheVanEck Vectors Steel ETF (NYSE:SLX) was up 0.7%.