Commerce Secretary Wilbur Ross has recommended that President Trump impose steep tariffs on foreign steel and aluminum.
For steel, Ross is recommending an across-the-board tariff of 24% on imports from all countries, and tariffs of at least 53% on imports from 12 countries in particular, including China and Russia.
For aluminum, Ross is recommending a tariff of 7.7% on imports from all countries, and a tariff of 23.6% on imports from five specific aluminum exporters, including China and Russia.
Stocks of steel and aluminum companies soared. U.S. Steel and AK Steel spiked 10%, while Alcoa rallied 3% and Century Aluminum climbed 7%.