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Investing.com – Steel and mining companies were higher in midday trade on Monday after U.S. President Donald Trump said he was re-implementing steel tariffs on imports from Brazil and Argentina.

The unexpected decision was due to the weakness in the Brazilian real and Argentine peso, Trump tweeted. The announcement was a surprise for officials, especially in Brazil as Brazilian President Jair Bolsonaro has worked to develop closer ties with the U.S.

Vale (NYSE:) rose 2.4%, while U.S. Steel (NYSE:) surged 4.4%. Steel Dynamics (NASDAQ:) gained 1.6% and AK Steel (NYSE:) jumped 7.8%. TheVanEck Vectors Steel ETF (NYSE:) was up 0.7%.

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