Australian steelmaker BlueScope sees Trump’s tariffs as a boon
BlueScope Steel, Australia's largest steelmaker, will be a beneficiary of U.S. President Donald Trump's protectionist tariffs, CEO Mark Vassella said on Monday, saying that he expects higher prices to boost BlueScope's profits in North America. After BlueScope posted a better-than-expected first-half profit, Vassella said steel prices were already "moving in the right direction" following Trump's announcement of 25% tariffs on imports of steel and aluminium into the U.S., without exceptions for allies such as Australia.