President Donald Trump has announced that all imported steel and aluminum will face a 25% tariff, a move that will apply to major trade partners, including Canada and Mexico. Speaking aboard Air Force One, Trump confirmed that the tariffs will take effect as part of his administration’s broader push to combat foreign trade policies that disadvantage American industries.
“Any steel coming into the United States is going to have a 25% tariff. Aluminum, too,” Trump told reporters while traveling to New Orleans for the Super Bowl. The decision signals a renewed emphasis on using tariffs to level the playing field, particularly in cases where other nations impose high duties on U.S. exports.
Financial markets responded immediately, with U.S. steel stocks jumping ahead of Monday’s opening bell. Shares of Cleveland-Cliffs surged 8%, while U.S. Steel climbed 5% and Nucor gained nearly 8%. Investors appeared to anticipate that American steel manufacturers will benefit from the trade policy shift.
Trump had previously delayed steel and aluminum tariffs on Canada and Mexico for 30 days but is now moving forward with full implementation. He also recently added a 10% duty on imports from China, signaling that more trade restrictions could be on the horizon.
Concerns over the new tariffs have already prompted discussions among U.S. trading partners. South Korea’s acting president, Choi Sang-mok, convened a high-level meeting to assess the potential impact, as South Korea exported nearly $5 billion in steel to the U.S. last year.
Trump has also indicated that additional trade measures will be unveiled in the coming days, with “reciprocal tariffs” expected to target nations that impose high duties on American goods. Details on those policies could be announced as early as midweek.
