Former Trump adviser Icahn dumped steel stock ahead of new tariffs: report
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President TrumpDonald John TrumpTeachers union launches 0K ad buy calling for education funding in relief bill FDA head pledges 'we will not cut corners' on coronavirus vaccine Let our values drive COVID-19 liability protection MORE’s former adviser Carl IcahnCarl Celian IcahnVacant Trump Plaza casino in Atlantic City to be demolished Icahn warns against Cigna-Express Scripts merger Pruitt’s renewable fuel attacks cost him GOP support in Congress MORE sold off millions of dollars worth of stocks tied to the steel industry one week before the president announced new tariffs on steel and aluminum, according to reporting from The Washington Post.

On Thursday, Trump announced he will impose new tariffs on steel and aluminum imports in the coming week.

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Icahn sold $31.3 million worth of stock in the Manitowoc Company, a manufacturer of construction cranes, according to a Feb. 22 SEC filing.

Manitowoc’s stock fell to $26 after Trump’s announcement. Icahn sold his shares for about $32 to $34 each, even though he had not actively been trading the company’s stock since January 2015.

Icahn, whose relationship with Trump goes back to the 1980s, endorsed Trump during the 2016 election. He resigned from his position as special adviser on regulatory issues in August amid concerns over his possible conflicts of interest.

Trump announced the 25 percent steel tariffs and 10 percent aluminum tariffs at the recommendation of the Commerce Department, which said that increasing import volumes could be a national security risk.

For that reason, Commerce Secretary Wilbur RossWilbur Louis RossNOAA hurricane forecast predicts record number of storms in 2020 33K laptops meant for Alabama distance learning are stuck in customs, could be held until October Mini-exodus of Trump officials from Commerce to lobby on semiconductors MORE has said Trump's announcement should not have come as a "shock" to Wall Street investors, which would include Icahn. Trump has advocated tariffs in the past.

Trump’s announcement was met with strong pushback from Republicans and Wall Street.

The Dow Jones industrial average dropped over 400 points right after Trump’s announcement, though it did make up some of the losses later in the day.

The European Union and China have said they are considering retaliatory measures.