Steel surges on tariff hike
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 2 June 2025
⏱️ 6 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
Show links:
Samsung said to be close to wide-ranging deal with Perplexity for AI features
Asian steelmaker stocks fall as Trump moves to double U.S. metal tariffs
China 'firmly rejects' Trump's accusation on Geneva trade deal breach
Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. It's good to have you here on this marvelous Monday, June 2nd. I'm Julie Morgan. |
| 0:15.1 | Steel stocks jump. The dollar faces pressure, and London loses another listing. |
| 0:21.6 | Cleveland Cliffs is up 30% in pre-market action. |
| 0:25.6 | Shares of the steel producer surged after President Trump during a visit to a plant owned by U.S. steel in Pennsylvania, |
| 0:32.7 | announced plans to double the U.S. steel tariff to 50, set to take effect on Wednesday, June 4th, just two |
| 0:40.2 | days away. |
| 0:41.5 | Trump said the move is aimed at protecting American steel jobs and pledged no layoffs or outsourcing, |
| 0:48.1 | with blast furnaces expected to operate at full capacity for at least a decade. |
| 0:53.3 | The visit was also meant to rally support for |
| 0:55.8 | U.S. Steel's proposed $14 billion deal with Japan's nip-on steel. Trump emphasized a tariff |
| 1:02.9 | would make it harder for foreign competitors to undercut U.S. producers. Other steel makers, |
| 1:08.7 | including New Corps and Steel Dynamics, also jump more than 10% on the news. |
| 1:15.5 | The U.S. dollar is expected to weaken significantly. Morgan Stanley strategist issued a warning |
| 1:21.6 | that the Greenback could potentially reach levels last seen during the COVID-19 pandemic by mid-2020. |
| 1:29.1 | They wrote in a recent note that rates and currency markets have embarked on sizable trends |
| 1:34.2 | that will be sustained, taking the U.S. dollar much lower and yield curves much steeper. |
| 1:40.5 | After two years of swing trading within wide ranges. |
| 1:46.4 | The strategists forecast that the U.S. |
| 1:53.1 | dollar index would fall around 9% from current levels by the middle of next year. The index is already down about 9% year-to-date. Morgan Stanley added that currencies that will benefit the most |
| 2:00.0 | from the dollar's weakness are the euro, yen and Swiss franc. |
| 2:04.2 | Others on Wall Street have also struck a bearish tone on the greenback, including J.P. Morgan. |
... |
Transcript will be available on the free plan in 3 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Seeking Alpha, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Seeking Alpha and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.