President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week, according to the Associated Press.
Shares of U.S. steel companies rose sharply in futures trading before the opening bell Monday. Cleveland-Cliffs, which wants to buy Pittsburgh’s U.S. Steel, jumped 8%. U.S. Steel rose 5%. Nucor rose almost 8%, and Steel Dynamics rose more than 6%.
Trump also reaffirmed that he would announce “reciprocal tariffs” — “probably Tuesday or Wednesday” — meaning that the U.S. would impose import duties on products in cases in which another country has levied duties on U.S. goods.
