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Jefferies Sees Bull Market for US Steel Companies Amid 'Unfeasible' Tariffs -- Market Talk

2 Mar 2018 10:01 am

1001 GMT - U.S. President Trump's blanket 25% tariff on steel imports was "politically unfeasible and will be viewed as a direct tax on U.S. consumers," according to Seth Rosenfeld, a senior research analyst covering European and U.S. steel at the investment bank Jefferies in London. The bank, however, remains bullish on U.S. steelmakers, with prices heading sharply higher and imports sinking. But he added: "For an equity market already obsessed with inflation risks... get ready for a doozy!" As for European steelmakers, Mr. Rosenfeld expects the European Commission to "respond aggressively and quickly" with hawkish measures of its own to protect European mills. Mr. Trump's decision to on Thursday announce the broad sweep of his tariff plans without policy details left Mr. Rosenfeld wondering if we there would be exemptions for NATO and NAFTA members. He asked, are we really at "the beginning of an extended negotiating process?" (zeke.turner@wsj.com; @zekefturner)

(END) Dow Jones Newswires

March 02, 2018 05:01 ET (10:01 GMT)

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