On Tuesday, President Trump appeared ready to double his proposed tariff rate on Canadian steel and aluminum imports to 50%, from 25% previously.
If Trump follows through on that promise, the effects could be significant for US companies.
Canada is the largest exporter of steel and aluminum to the US; the country shipped $11.2 billion worth of steel and $9.5 billion worth of aluminum to the US in 2024.
While the US-Canada trade war heated up this week, the heads of US Steel (X), Nucor (NUE), and Cleveland Cliffs (CLF), among others, welcomed Trump’s metal tariffs, Yahoo Finance’s Ben Werschkul reports.
“We stand fully behind your leadership,” nine US steel industry executives said in a recent letter to the president about a set of 25% duties on all steel and aluminum imports from all countries set to come into force tomorrow.
