New fears about trade wars pushed stock markets into the red on Thursday after U.S. President Donald Trump said he would slap tariffs on steel and aluminum — moves that many industries say will raise prices and cost jobs. "We're going to build our steel industry back and our aluminum industry back," Trump said at the White House, flanked by executives from companies in both industries. Similar tariffs on steel implemented in 2002 under the Bush administration cost the auto sector 200,000 jobs, AIADA said. Miner Teck Resources, which produces coal used in the steel industry, was off by two per cent. AK Steel Holding was up almost 12 per cent, U.S. Steel Corp was up eight per cent and Nucor rose 3.6 per cent.

Source: CBC News March 01, 2018 19:43 UTC