Cleveland-Cliffs (CLF) Gets 30% Boost From Trump’s Tariffs

We recently published a list of 15 Stocks That Stole The Show Last Week. In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other best stocks that stole the show last week.

Cleveland-Cliffs grew its share prices by 30.36 percent week-on-week as investor sentiment was buoyed by President Donald Trump’s imposition of tariffs on steel and aluminum imports.

On June 4, Trump’s 50-percent tax on steel and aluminum imports officially took effect. The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals.

Cleveland-Cliffs (CLF) Gets 30% Boost From Trump's Tariffs

A welder in a hardhat soldering steel plates to a blueprint plan.

The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers.

Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio.

Overall, CLF ranks 7th on our list of best stocks that stole the show last week. While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.