Ex-Trump Advisor Sold Steel-Linked Stocks Before POTUS Announced Tariffs

NEW YORK, NY - NOVEMBER 03:  at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City.  (Photo by Neilson Barnard/Getty Images for New York Times)
Neilson Barnard/Getty Images North America

Days before President Trump announced his proposed steel tariffs, former Trump advisor Carl Icahn sold $31.3 million worth of stocks in a company that relies heavily on steel.

According to the SEC filings flagged by ThinkProgress, Icahn started selling off his stocks in Manitowoc Company Inc. between February 12 and February 22. Manitowoc, being a “global manufacturer of cranes and lifting solutions,” is naturally a large consumer of steel.

Trump announced plans to slap a 25% tariff on imported steel on March 1.

U.S manufacturing companies saw their shares plunge after POTUS’ announcement, including Manitowoc. The crane company fell by 6 percent.

Filings show that until February 12 of this year, Icahn had not actively traded his stocks in Manitowoc since January 2015.

A longtime friend to Trump, Icahn served as a “special advisor” to the President before resigning in August 2017 ahead of an incoming New Yorker story that outlined his attempts to use his position to help his investments.

On the same day Trump made the announcement, Icahn told CNBC’s Scott Wapner that he hasn’t “had much” interaction with Trump “in the last four or five months.”

 

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