1059 ET - Canadian steel and auto parts companies stocks take a hit from another round of fresh levies on steel and aluminum. Late last week, President Trump said he would double tariffs on steel and aluminum to 50%, which sent shocks across sectors that rely on the metal for their business. Among the biggest losers of the session are Algoma Steel, a Canadian steelmaker, as well as auto parts manufacturer Magna International. Linamar and Martinrea International, other car parts were also hit. Business jet manufacturer Bombardier, which has likened its business to the autosector, is also down. Tariffs on the industry have been a major overhang since February when the first of Trump's levies were applied at 25%. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
June 02, 2025 10:59 ET (14:59 GMT)
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