The finest steel has to go through the hottest fire, as the saying goes, and the latest round of tariffs is really cranking up the heat.On May 30 President Donald Trump fired yet another salvo in his trade war when he said that he'd double tariffs on steel imports to 50%.

President Trump announced that he plans to double steel and aluminum tariffs from 25% to 50%. Steel stocks rose on the news. Cleveland-Cliffs significantly outperformed the group this morning, but there's a reason for that.