Mar 2, 2018 - Economy

Icahn rids stock in steel-related company ahead of tariff announcement

Carl Ichan

Carl Icahn at the 2015 Delivering Alpha Conference. Photo: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images

Billionaire investor and former adviser to President Trump, Carl Icahn, revealed in a recent SEC filing that he withdrew a $31.1 million stake in the popular crane manufacturer, Manitowoc, which relies heavily on steel-related products, first reported by ThinkProgress. The company's stock sank 6% following Trump's Thursday announcement that he will raise tariffs on steel and aluminum. Icahn has not yet returned Axios' request for comment.

Why it matters: The Feb. 22 filing came a week prior to Trump's announcement. Countries and global organizations have announced their displeasure with the U.S.' decision to raise tariffs of 25% on steel and 10% on aluminum and have threatened to pull out of trade deals if tariff prices surge.

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