President Donald Trump has confirmed that his administration will impose 25% tariffs on all steel and aluminum imports, marking a significant step in his trade policy agenda. The tariffs, which will apply to all foreign shipments, include imports from key trading partners such as Canada and Mexico.
Trump made the announcement Sunday while speaking to reporters aboard Air Force One. “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” he said, indicating that the tariffs are part of a broader effort to correct trade imbalances.
The financial markets reacted quickly. U.S. steel stocks surged ahead of Monday’s trading session, with Cleveland-Cliffs jumping 8%, U.S. Steel climbing 5%, and Steel Dynamics rising more than 6%. The broader stock market also opened higher, reversing losses from last week.
Trump previously postponed tariffs on Canadian and Mexican imports for 30 days, but with the pause now lifted, the new duties will go into effect. Meanwhile, a 10% tariff on Chinese imports remains in place.
The international response was swift. South Korea’s leadership held an emergency meeting to assess the impact, as U.S. imports account for a major share of the country’s steel exports. The news also sent shares of South Korean steel manufacturers lower as the market opened.
Additional trade actions could be announced soon. Trump has hinted that reciprocal tariffs will be imposed on countries that place high duties on American exports, with further details expected in the coming days.
