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Photo: David Butow/Corbis via Getty Images

President Trump's decision to slap tariffs on steel and aluminum imports had an immediate effect on the stock market yesterday, driving the Dow 420 points lower and boosting U.S. steelmaker stocks. But several sectors that rely on steel and aluminum for raw materials are already feeling the heat from the tariffs, which go into effect March 5.

Construction

Accounting for 40% of steel demand, the U.S. construction industry is one of the world's largest, with "new construction" valued at around $1.16 trillion in 2016, per Statista. As the country's aging infrastructure begins to crumble, the sector is projected to grow to $1.42 trillion by 2021. These are the five largest American construction companies, per Engineering News-Record:

  1. Bechtel $32.9 billion (2016)
  2. Fluor Corp. $19.5 billion (2017)
  3. Aecom$18.2 billion (2017)
  4. Turner Corp$10.8 billion (2014)
  5. CB&I $10.7 billion (2016)
Automakers

Domestic automaker stocks dropped about 3% Wednesday following Trump's announcement. The industry accounts for 26% of U.S. steel demand, and even foreign carmakers with major manufacturing plants in America, like Toyota, are warning of "substantially' higher prices, per Axios' Dan Primack. These are the four biggest American automakers by revenue.

  1. Ford$156.8 billion
  2. General Motors$145.6 billion
  3. Fiat Chrysler$136.7 billion
  4. Tesla$11.8 billion
Energy

As Axios' Ben Geman reported, trade tensions between Trump and the oil-and-gas industries — which accounted for 10% of steel demand in 2017 — are boiling over in the aftermath of the tariff announcement. Pipeline companies specifically may be forced to cancel projects, since trade restrictions on steel would increase pipe costs 25%. Here are the five largest oil and gas companies in the U.S, according to 2017 revenues:

  1. ExxonMobil $186.3 billion
  2. Chevron$134.7 billion
  3. Valero $67.6 billion
  4. Marathon Petroleum $53.7 billion
  5. Enterprise Products$29.2 billion

Go deeper

Biden says Russia likely to invade Ukraine

President Biden addressed the brewing conflict between Russia and Ukraine during a press briefing Wednesday, saying of Russian President Vladimir Putin, "my guess is he will move in."

Why it matters: U.S. officials have issued a series of warnings about Russia's threatening military buildup on the border with Ukraine, with Secretary of State Antony Blinken saying in Kyiv earlier Wednesday that Russia could invade "on very short notice."

Biden challenges GOP agenda: "What are Republicans for?"

President Biden pushed back against Republican efforts to obstruct his agenda during a press conference Wednesday, asking "What are Republicans for?"

Why it matters: Biden's speech comes as he approaches one year in office, facing low polling numbers and a stalled agenda.

Nathan Bomey, author of Closer
2 hours ago - Economy & Business

Biden’s face mask campaign requires more imports from China

Illustration: Annelise Capossela/Axios

American mask manufacturers are getting whiplash, having gone from sleepy sector to mission-critical industry overnight — only to see sales collapse before now being suddenly in demand again.

Why it matters: As the highly contagious Omicron variant of COVID-19 rages, health experts now say Americans need legitimate N95 or KN95 masks to best protect themselves — not widely available fakes or less effective cloth masks.