Steel stocks soared Monday after President Donald Trump dropped a tariff bombshell at a rally in Pennsylvania on Friday evening.He plans to double imports on foreign steel to 50% from 25%. That move is designed to help the domestic industry.

Key Points Steel stocks are surging due to Trump doubling tariffs on steel and aluminum. Consumer discretionary stocks are tumbling, especially those in the automotive sector. The broader market as a whole has been rather benign despite the

Major steel stocks jumped Monday after President Donald Trump hiked tariffs tied to the metal. Trump said Friday at a Pennsylvania rally he would double tariffs on steel imports to 50% from 25%, a move that inflamed trade tensions again and drew criticism from global partners.