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Stocks of big manufacturers that use metals plunge on Trump's tariff plan

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 President Trump says he is a champion of manufacturing, but his steel and aluminum tariff plan is driving a big sell-off in the industry's shares.

Multiple Wall Street banks cautioned clients against investing in the American manufacturing industry Friday as some of the nation's largest machinery companies are dropping.

Crane machinery and equipment manufacturer Manitowoc's shares declined by nearly 10 percent since Wednesday's close, while rival Terex fell by more than 7 percent in the same time period.

"Tariffs may limit President Trump's quest to be 'the greatest jobs president that God ever created,' at least within the U.S. counties that rely on machinery," Barclays analyst Adam Seiden quipped. "The Peterson Institute projects job losses in many key areas of Trump's political base that happens to align with areas of outsized machinery manufacturing assets."

Trump announced his plans to impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum Thursday, sending the Dow Jones industrial average tumbling more than 500 points since Wednesday.



Source :- cnbc
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