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