President Donald Trump has announced that the United States will impose 25% tariffs on all steel and aluminum imports, a move that will impact shipments from major trade partners, including Canada and Mexico. Speaking aboard Air Force One on Sunday, Trump confirmed that his administration is set to move forward with the duties.
“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 tariffs are part of Trump’s broader plan to address what he calls unfair trade practices and foreign duties placed on U.S. products.
The decision comes just a week after Trump temporarily paused planned tariffs on Canadian and Mexican imports for 30 days. However, he is now proceeding with the full 25% tariff, in addition to previously announced 10% duties on Chinese imports.
The announcement had an immediate effect on financial markets. U.S. steel stocks surged Monday morning, with Cleveland-Cliffs jumping 8%, U.S. Steel rising 5%, and Nucor gaining nearly 8%. The broader market also opened higher, recovering from declines in the previous week.
Concerns about the new tariffs have already reached foreign governments. In South Korea, acting President Choi Sang-mok called an emergency trade meeting Monday to assess the impact, as steel exports to the U.S. account for a significant portion of the country’s trade. The news also sent shares of South Korean steel manufacturers lower as the market opened.
Trump has indicated that additional trade actions are coming, including “reciprocal tariffs” that would target nations imposing duties on U.S. goods. He said details on these new measures would likely be announced within the next few days.
The White House has yet to release full details on the implementation of these tariffs, but Trump’s message was clear: His administration is taking a tough stance on trade.
