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Trump Trade-War Boomerang Hits Steelmakers as Prices, Profit Sag

Sept. 19, 2019, 5:02 PM

The trade war that President Donald Trump started with China to protect domestic companies is starting to bite the industry he championed in his “America First” campaign.

Since the Trump administration announced tariffs last year, domestic steelmakers’ shares have slumped, partly on concern that trade tensions with China threatened global economic growth and demand for the commodity. Now, there’s evidence that those fears are being borne out, with U.S. Steel Corp., Nucor Corp. and Steel Dynamics Inc. all warning this week on third-quarter profit outlooks.

The producers are reeling from a manufacturing slump that has hurt its customers’ ability...

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