Former special adviser to Donald Trump, Carl Icahn, sold more than $31 million of shares to a company that depends heavily on steel imports right before Trump announced new tariffs on steel.
The Guardian reported on Friday said that Icahn “started selling shares in the crane and lifting equipment supplier Manitowoc Company on 12 February, days before the commerce department first mooted on foreign steel imports.”
Earlier this week Trump announced that he plans to levy 25% tariffs on imports of steel and 10% on aluminum.
Trump took to Twitter on Friday morning to insist that tariffs are necessary to protect jobs in the United States.
“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 tweeted.
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!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
Icahn sold his shares for $32 to $34. According to a regulatory filing, Friday morning Manitowoc’s shares had fallen 5.48% to $26.37.
The value of the shares he sold has since dropped by around $6m.