Liberation Day: Were CLF, INTC, and GM Tariff Winners?

One year on from President Trump’s ‘Liberation Day’, let’s look at three stocks which we predicted would benefit from the strategy.

So much has happened in Trump’s ‘colorful’ return to the White House last January that it may be worth beginning with a recap.

Liberation Day – April 2, 2026 – was when the Trump administration imposed reciprocal tariffs on countries that he believed were “ripping off” the United States. These included a 10% tariff across the board, 20% on EU goods and a 34% reciprocal tariff on China on top of the existing 20% duties.

At the time TipRanks put together a list of the stocks most likely to be the winners from Trump’s tariffs.

Cleveland Cliffs

Cleveland Cliffs (CLF) operates as a flat-rolled steel producer in North America. The company offers carbon steel products, such as hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, enameling, and advanced high-strength steel products. The opportunity for the stock in a world of Trump tariffs was that U.S. steel would become more attractive given the higher cost of imports from elsewhere around the globe.

However, the stock has seen only a 0.12% increase in its share price in the last 12 months. The company said it had seen significant exposure to steel imports in 2025 which poisoned domestic markets, created a demand gap, reduced shipments and asset utilization, and forced asset shutdowns and restructuring actions.

It was also hit by falling spot prices and weaker automotive volumes.

Intel Corporation

Intel (INTC) engages in the design, manufacture, and sale of computer products and technologies worldwide.

It has had a stellar year with its share price soaring 118% over the last 12 months, buoyed by the growing demand for semiconductors and AI applications.

Indeed, Data Center and AI (DCAI) revenue of $4.7 billion in Q4 was up 15% sequentially and  was described as the fastest sequential growth this decade.

General Motors

General Motors (GM) designs, builds, and sells trucks, crossovers, cars, and automobile parts and accessories. Its brands include Cadillac and Chevrolet.

Again, GM was expected to benefit from the refocus on U.S. manufacturing, but in reality the company has incurred huge costs. Gross tariff costs were around $3.1 billion in 2025, below earlier ranges of $3.5–$4.5 billion after it made footprint and cost savings. It has given 2026 gross tariff guidance of $3 billion to $4 billion.

Despite this, the company’s stock price is up 56%, helped by customer demand for full-size pickups and full-size SUVs.

Conclusion

Far from being a driver behind the stocks, tariffs have, in fact, caused CLF and GM some financial pain in the last 12 months. Their success has been largely down to their own strengths or, especially in the case of INTC, because of market dynamics.