Take a look at a chart of US Steel.
I wouldn't buy it right here necessarily. But were the market to resume a corrective down move and US steel performed as well (relatively) as it did in the recent month, I'd be tempted to buy some on a pull back.
The market KNOWS. So today Trump tweeted about Steel and Aluminum companies being decimated by decades of unfair trade. It looks like he wants to do something on that (tariffs?). Can he do something meaningful by executive order? I'm not sure the establishment Republicans will go along with tariffs. But US Steel has been firm.
Tariffs can be done via EO and they'd be great, at least in the short term, for companies like US Steel and ALCOA, but a bad move overall. There are far better ways to "level the playing field" and NO ONE wins a trade war.
Smoot-Hawley was poorly timed, made the depression worse, and helped to ensure Hoover as a single term president. After he lost his arse to Roosevelt, he became much more conservative.