Steel and aluminum stocks rose in the premarket Thursday after reports that a major trade announcement from the White House could be coming.
On Wednesday night, The Washington Post reported that the White House was planning to make an announcement on steel and aluminum imports on Thursday. Executives from top U.S. steel and aluminum companies had been invited to the White House for an emergency meeting on Thursday, a person familiar with the matter told CNBC.
The White House has been working on implementing tariffs on metals imports since last year. In June, Axios reported President Donald Trump was “hell-bent” on imposing tariffs on steel and other imports.
On Thursday, Trump reiterated his desire for changes to U.S. trade in the steel and aluminum industries, tweeting the industries “have been decimated by decades of unfair trade and bad policy with countries from around the world.”
Trump tweet: Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!
Among the recommendations from the Commerce Department’s Section 232 investigation completed earlier this month was a 24 percent global tariff on steel imports.
U.S. Steel shares are up 24 percent this year.
—CNBC’s Kayla Tausche contributed to this report.