Cleveland-Cliffs (CLF) stock soared 22.47% in pre-market trading on Monday, following U.S. President Donald Trump's announcement of plans to double tariffs on imported steel and aluminum to 50%. The move has sparked a rally among U.S. steel producers, with investors anticipating increased profits for domestic manufacturers.

President Trump revealed his intentions during a rally in Pennsylvania on Friday, stating, "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States." The new tariffs are expected to take effect on Wednesday, intensifying Trump's global trade war and potentially reshaping the landscape for U.S. steel producers.

The announcement has drawn mixed reactions, with U.S. steel companies benefiting while international partners express concerns. Canada's Chamber of Commerce denounced the tariff hike as "antithetical to North American economic security," while the European Commission warned of potential countermeasures. As the world's largest steel importer, the U.S. move is likely to have far-reaching implications for global steel markets and could lead to increased steel prices across various industries. Investors will be closely watching how this development unfolds and its impact on Cleveland-Cliffs and other domestic steel producers in the coming weeks.