Washington sources have reported that 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 strict tariffs on foreign steel imports. Earlier 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.
Meanwhile Cahn, who has a fortune of $16.9bn, sold
1m shares in Manitowoc, according to the filing with the Securities and
Exchange Commission. The value of the shares he sold has since dropped by
around $6m. Further the investor was a special adviser to Trump during the
election but resigned his position amid concerns about potential conflicts of
interest relating to his vast business holdings.
