Tariffs Deliver a Price Shock, Not an Industrial Revival
Published . Updated .
The 50-per-cent tariffs imposed on steel and aluminum by the Trump administration have provoked a sharp increase in the prices of these metals in the United States, but have not led to substantial productivity or employment gains. This is the conclusion of this MEI Economic Note.
Directly affected
- No company is named in this report.
Indirectly affected
- XLE Energy Select Sector SPDR+4.9%
Energy prices move when sanctioned supply is blocked
- USO United States Oil Fund+0.9%
This fund moves with oil prices
- XOM Exxon Mobil+7.9%
Oil producers move when sanctioned barrels leave the market
- CVX Chevron+6.6%
Oil producers move when sanctioned barrels leave the market
- AAPL Apple+5.3%
Sales and supply chains are exposed to a new tariff
- NKE Nike+1.2%
Sales and supply chains are exposed to a new tariff
- XLI Industrial Select Sector SPDR-1.0%
A fund of industrial companies
- CAT Caterpillar-8.0%
A large machinery maker
- SLB SLB-4.1%
Oilfield work in sanctioned regions can be cut off
- GLD SPDR Gold Shares-3.3%
Gold is a usual haven when a conflict or sanction escalates
Price reaction, T-5 to T+3
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Tariffs Deliver a Price Shock, Not an Industrial Revival IEDM/MEI
Source: IEDM/MEI
Trades by members of Congress and officials in the stocks in this story
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 52 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought ExxonMobil Holdings (XOM), worth $250,001 - $500,000 on 31 Jul 2026. That is 83 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 29 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 50 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, sold Chevron (CVX), worth $15,001 - $50,000 on 31 Jul 2026. That is 83 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Pete Sessions sold Apple (AAPL) (held by a spouse), worth $100,001 - $250,000 on 22 Sep 2026. That is 30 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Cleo Fields bought Apple (AAPL), worth $1,001 - $15,000 on 8 Sep 2026. That is 44 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Kevin Hern sold Apple (AAPL) (held by a dependent child), worth $1,001 - $15,000 on 8 Sep 2026. That is 44 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought Nike (NKE), worth $15,001 - $50,000 on 28 Aug 2026. That is 55 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Gilbert Cisneros sold Nike (NKE), worth $15,001 - $50,000 on 27 Aug 2026. That is 56 days before publication. Filed 10 Sep 2026. View the filing.
- Rep. Kevin Hern sold Nike (NKE), worth $1,001 - $15,000 on 13 Aug 2026. That is 70 days before publication. Filed 1 Sep 2026. View the filing.
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 24 days before publication. Filed 12 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
How solid “Tariffs Deliver a Price Shock, Not an Industrial Revival” looks
12 out of 100
“Tariffs Deliver a Price Shock, Not an Industrial Revival” scores 12 out of 100. The score uses 1 sources.