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Wall Street down even as US steel stocks jump on tariff expectations

US President Donald Trump tweeted on Thursday that the US steel and aluminum industries need "free, fair and smart trade"


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A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan, New York City

Wall Street's main indexes fell on Thursday as industrial stocks, including heavyweights and Caterpillar, took a beating on fears that potential tariffs on imports could hit profits.

US tweeted on Thursday that the US and aluminum industries need "free, fair and smart trade". CNBC reported that Trump will make an announcement on tariffs at 11 a.m. ET (1600 GMT).

Trump has vowed to take steps to crack down on imports of and aluminum and has been considering imposing hefty tariffs or quotas on imports of the metals from and other countries under a national

"I think the industrials are down as they use a lot of steel, and the uncertainty of what the announcement could mean for them," said Ryan Detrick, for

Detrick also said that investors were worried about retaliatory tariffs from

The fell 0.88 percent, with shares of and dipping more than 1.6 percent.

Shares of US makers - AK Steel, Corp and - jumped on prospects of import tariffs.

At 9:48 a.m. EDT the Dow Jones industrial average was down 68.78 points, or 0.27 percent, at 24,960.42, the was down 5.62 points, or 0.207087 percent, at 2,708.21 and the was down 29.13 points, or 0.4 percent, at 7,243.88.

First Published: Thu, March 01 2018. 21:23 IST