U.S. steelmaker shares soared on news of President Trump’s new tariffs. But are these tariffs as bulletproof as investors seem to believe? The steel tariffs, like those on autos and auto parts, are sector-based.

Trump announced his higher tariffs on metals—imposed under a different authority and unaffected by the court rulings—at a rally at U.S. Steel in Pennsylvania. The measures mean "nobody's going to be able to steal your industry,

Trump’s spat with Elon Musk last week only underlines that there is very little, except financial market turmoil and fear of economic catastrophe, standing in his way on the path to amassing and centralising power.