It's not indiscriminate - if Canada is exempt, that's our biggest foreign supplier. And I understand there could be other exemptions, I'm guessing maybe EU nations. In which case it I guess largely applies to China, which I think will have a relatively nominal impact on the cost of steel in the end.

I guess we'll see what actually goes into effect. Also spoke with one of my colleagues at work who is a smart, astute guy, and the furthest thing from a Trumpie. His view was the impact is begin overestimated because if the US really does respond by bringing much more capacity online, the price of steel will self-correct.

I don't know if that's right, and my friend is something of a lefty so maybe more inclined to like protectionism than I, but bit by bit, so far, the impact seems to be getting blunted.

Equity markets seemed reasonably happy today, for whatever that's worth.