Report said Trump is considering lowering tariffs, steel stocks fell in response, White House advisors denied.

According to the Financial Times citing sources, the Trump administration is reviewing products affected by metal tariffs and plans to exempt some products from tariffs. Currently, steel imported into the United States from Europe is subject to a 50% tariff. Stocks of steel producers have fallen. In Europe, Swedish steel producer SSAB fell 2.5% in afternoon European trading to 75.50 Swedish Krona; Spanish peer Acerinox fell 4.9% to 13.05 euros. US steel producers' stocks also fell due to the report, with Nucor down 2.6%, falling as much as 5% at one point, and Commercial Metals Company down 1%. White House trade advisor Navarro said there is no factual basis for reports about the US government planning to reduce steel and aluminum tariffs.