Carl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting.
Icahn, a billionaire investor who was a major Trump supporter, started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted plans to impose stiff tariffs on foreign steel imports.
The news was first reported by Think Progress.
On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium.
According to a regulatory filing Icahn was able to sell his shares for $32 to $34. On Friday morning Manitowoc’s shares had fallen 5.48% to $26.37. The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar.
Trump has argued that the tariffs are necessary to protect US jobs. “We must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!” Trump wrote on Twitter.
Time to fix the STOCK Act:
The STOCK Act was modified on April 15, 2013, by S.716. This amendment modifies the online disclosure portion of the STOCK Act, so that some officials, but not the President, Vice President, Congress, or anyone running for Congress, can no longer file online and their records are no longer easily accessible to the public. In Section (a)2, the amendment specifically does not alter the online access for trades by the President, The Vice President, Congress, or those running for Congress. The reasoning for this change was to prevent criminals from gaining access to the financial data and using it against affected persons. This bill was introduced by Senator Harry Reid on April 11, 2013. It was considered by the Senate and passed by unanimous consent. In the house, S.716 received only 14 seconds before being passed by unanimous consent.