Why Cleveland-Cliffs Stock Soared This Week

Shares of Cleveland-Cliffs (CLF 5.07%) are moving higher this week, up 28.8% from last Friday's close as of 2:00 p.m. ET. The gain comes as the S&P 500 rose 1.5% and the Nasdaq-100 increased 2.1%. The American steelmaker will benefit from President Donald Trump's new steel tariffs that went into effect earlier this week.Foreign steel gets an additional levyLast week, the Trump administration announced it would raise the already levied 25% tariffs on foreign steel to 50%. On Tuesday, President Trump official ...