President Donald Trump’s White House is “hell-bent” on imposing tariffs on steel and other imports, Axios reported Friday
The plan — which was pushed by Commerce Secretary Wilbur Ross and was supported by National Trade Council Peter Navarro, and policy adviser Stephen Miller — would potentially impose tariffs in the 20 percent range, according to the report.
During a “tense” meeting Monday, the president made it clear he favors tariffs, yet the plan was met with heavy opposition by most officials in the room, with one telling Axios about 22 were against it and only three in favor, including Trump.
The White House did not immediately respond to CNBC’s request for comment.
Shares of U.S. Steel rose on the report, trading about 1.7 percent higher in the premarket. Nucor was also higher by about 1 percent. The stocks have been rising this week on expectations the administration was leaning toward a tariff.