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United States Steel Corporation (X) has been drifting sideways since the Trump administration threatened to impose steel tariffs in the first quarter, although the policy is intended to support the American steel industry. The June 1 tariff implementation on the European Union, Canada and Mexico has had little effect on buying or selling pressure, although U.S. steel stock continues to hold seven-month support in the low $30s. This holding pattern may continue through the summer months while optimists hope for a negotiated solution and pessimists prepare for the worst-case scenario. Regardless of the final outcome, ongoing trade tensions could sharply lower worldwide economic output and eventually end the multi-year bull market, ultimately weighing on revenues of all sorts of American industrial companies, including those currently in the tariff limelight. Source-
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