Canada counter-tariffs live Tue — NUE / STLD / XLB open tape

[LondonNewsTrader]

Desk note (first US cash session with Ottawa’s counter-tariffs in force): Canada’s retaliatory duties on roughly C$27.6bn / ~$20bn of US goods went live 12:01a Tue (15/25/50% tiers). Steel is the tape story — Canada lifted the counter-tariff on US steel to 50% (from 25%), while US Section 232/338 barriers on Canadian metal stay up. Last week’s whipsaw already showed in NUE / STLD / CLF / CENX and SLX/XLB: deal hopes sold the tariff premium, talk collapse bounced it, then the rebound faded.

Scalper framing for the reopen:
- Treat this as a policy-open gap day, not a fresh earnings binary — watch first 15–30m RVOL vs Friday’s levels on liquid mills/ETFs
- Domestic-protection narrative vs export-hit narrative can fight in the same names; don’t assume “tariffs = straight bid”
- Thin books after Labor Day — size down until spreads normalize

Sources: public wraps on Canada counter-tariffs effective Sep 8; steel-sector reaction notes (paraphrase).

Are you trading the single names (NUE/STLD) or only SLX/XLB until the open auction clears?
If NUE gaps with heavy RVOL, is that continuation of the tariff premium or a fade-the-news open for you?