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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

Ben Geman, author of Generate
25 seconds ago - Economy & Business

GM's shrinking deal with Nikola

Illustration: Rebecca Zisser/Axios

General Motors will no longer take an equity stake in Nikola Corp. or build its pickup truck, under a revised deal that still envisions GM as a key tech supplier for Nikola's planned line of electric and fuel cell heavy trucks.

Driving the news: The revised agreement Monday is smaller in scope than a draft partnership rolled out in September that had included a $2 billion stake in the startup and an agreement to build its Badger pickup.

49 mins ago - Technology

Exclusive: Facebook's blackout didn't dent political ad reach

Photo: Valera Golovniov/SOPA Images/LightRocket via Getty Images

Americans saw more political ads on Facebook in the week before the 2020 election than they did the prior week despite the company's blackout on new political ads during that period, according to Global Witness, a human rights group that espouses tech regulation.

Why it matters: The presidential election was a key stress test for Facebook and other leading online platforms looking to prove that they can curb misinformation. Critics contend measures like the ad blackout barely made a dent.

Wall Street wonders how bad it has to get

Illustration: Aïda Amer/Axios

Wall Street is working out how bad the economy will have to get for Congress to feel motivated to move on economic support.

Why it matters: A pre-Thanksgiving data dump showed more evidence of a floundering economic recovery. But the slow drip of crumbling economic data may not be enough to push Washington past a gridlock to halt the economic backslide.