President Donald Trump will impose a 25% tariff on steel and aluminum imports, a decision that will affect all shipments entering the United States, including those from Canada and Mexico. Trump confirmed the plan Sunday while speaking to reporters aboard Air Force One.
“Any steel coming into the United States is going to have a 25% tariff. Aluminum, too,” Trump said. He did not provide additional details on how the policy will be implemented but emphasized that foreign trade practices must be addressed.
The tariffs come as part of Trump’s broader strategy to protect American industries. The administration previously paused planned duties on Canadian and Mexican imports for 30 days, but those exemptions are now being lifted. Trump also imposed a separate 10% tariff on certain Chinese imports.
U.S. markets responded immediately to the announcement, with steel stocks climbing higher in early trading Monday. Cleveland-Cliffs jumped 8%, U.S. Steel rose 5%, and Nucor surged nearly 8% before the opening bell.
Foreign governments have already voiced concerns over the move. South Korea’s leadership held an emergency meeting to evaluate the impact on its steel exports, which make up 14% of the country’s total shipments. South Korean steel stocks fell in early trading as a result of the news.
Trump has indicated that further trade measures are coming, including reciprocal tariffs aimed at countries that impose duties on U.S. exports. He said additional details on those policies could be released by midweek.
