Speaking to the press on Sunday, President Donald Trump said he would announce 25 percent tariffs on steel and aluminum imports into the U.S. on Monday, according to Reuters. “If they charge us, we charge them,” Trump said, adding that reciprocal tariffs are also on the way.
Brazil, Canada, and Mexico are the biggest importers of steel into the U.S., followed by South Korea and Vietnam. As for aluminum, Canada is by far the largest source of imported aluminum in the States. Canada accounted for 79 percent of U.S. primary aluminum imports in the first 11 months of 2024.
The expected metal tariffs boosted stock prices for American steel and aluminum makers. As of this writing, Nucor and U.S. Steel stocks are up between four and six percent, and Cleveland-Cliffs has spiked by over 12 percent. Alcoa is up three percent, and Century Aluminum is up nine percent. Conversely, international stocks for steel and aluminum makers are slumping on the tariff news.
“Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding and auto,” Canadian Innovation Minister Francois-Philippe Champagne posted on X. “We will continue to stand up for Canada, our workers, and our industries.”
American Iron and Steel Institute boss Kevin Dempsey said it would work with the president “to implement a robust and reinvigorated trade agenda to address the many foreign market-distorting policies and practices that create an unlevel playing field for American steelmakers”.
If the tariffs go through, the U.S. auto manufacturing sector could reconsider its sources for steel and aluminum. Whether U.S. supply will be able to meet demand to offset imported metals remains to be seen.
As for GM, specifically, it already sources much of its steel and aluminum from the U.S. U.S. Steel and Cleveland-Cliffs are key GM suppliers, but it also gets recycled steel from ArcelorMittal North America, produced in Hamilton, Ontario. Much of The General’s aluminum comes from IMCO Recycling, which processes aluminum in Michigan. The recycled aluminum is used in engines and other components.
This news comes shortly after Trump’s threatened 25 percent tariffs on all imports from Canada and Mexico were delayed at the last minute following concessions from Prime Minister Trudeau and President Sheinbaum on border security.
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I guess his sodas are going up in price soon.
Whatever Trump touches dies.
This will certainly add to the cost of manufacturing automobiles, and other durable goods.
Fool, "reciprocity." Why does Canada get to gouge us, but we have to bend over and take it? The menace is cartel run Mexico, and the communist in Montreal, both who would rather their citizens suffer then play fair with Americans, that makes those dictators no more noble than Xi of china. We played nice, now we'll play dirty. Do you want America to wilt and die slowly? Maybe you also are an enemy of freedom as well. I'm with the 53% of Americans who so far are happy with how things have gone so far. At least we have regained our honor, and soon, lower prices across the board!
Fool! Apparently you support his quick destruction of America.
Probably also approve of trumps EO to allow foreign countries to bribe elected officials. Instead of Trump draining the swamp, it’ll be overflowing in no time.
This is Trump's scorched earth policy.
Trump is a narcissist and very vindictive.
He has no compassion, sympathy, or empathy. Trump is going to get back at everyone for voting for Biden over him in the 2020 election. This includes the not enough Republicans that voted for him.
Once the prices rise on automobiles and other durable goods, due to Trump's tariffs on steel and aluminum, it could take years, if ever for those prices to go back down.
We've seen this before during the gas shortage. As the price on a barrel of crude oil rose, gasoline prices skyrocketed. Once the price on a barrel of crude oil came back down to where they were, prices on gasoline slowly came back down, but never returned to where they were.
Elon Musk is fleecing America and Trump is helping him line his pockets. Musk has received tens of billions of dollars from the federal government. Why is the world's richest man taking that money from us? Then he points his finger at other wasteful government spending. Elon Musk should be the first one on the list to get cut off from government funding.
It is the largest scam in US history and Trump is the one orchestrating it. Trump threatens any government officials that try to stop his illegal Behavior. Trump is a narcissist, they only care about themselves. If you think Trump cares about this country, you, or anything else but himself you are sadly mistaken.
The man is a menace.
MAGA will learn the next 2/4 years that they shot themselves in the foot. It'll be a painful lesson to learn, and we'll all have to suffer, but hopefully once the dust settles they'll wise up and stop this nonsense from getting voted in the office. Probably not though, they'll still find a way to blame it on anyone they didn't vote for
And will you hoity toity know it all's apologize if we are right and your wrong? I'm totally fine with placing a bet. I like my odds.
Trump isn't some sort of new phenomena, he's shown his stripes long ago, so I don't think I'll ever have to worry about being wrong... so no. I like my odds even better.
His presidency was a disaster even before covid, nothings changed, except now he's managed to go off the deep end, his cronies might be getting easy wins with things like USAID, but, tariffs (and resulting inflation), CFPB (this one is the ultimately irony), Education, and I'm sure eventually healthcare... eventually your team is gonna get easy low hanging fruit, to real problems that will be immensely unpopular on how he and his team handles them. We've saw this already the last time.
I'm wasting keystrokes with your type though, you'll stay miserable, while you try and make the rest of us too. Independents are already wising up, and we're not even a month in yet. Hope your team gets it done in the next two years, it's your best chance to shoot yourself in the foot.
Bye bye then. I'm ready for the 2017-2019 economy to come back! And the bidenomics and 30% inflation to be met with cheap gas and deflation. Add that to what will likely be record wage growth and I'll win whatever you wanna bet in a year from now.
As someone that lives in DC and worked here for decades. I can't wait for CFPB to be exposed. Most Americas have never heard of it. Elizabeth Warren spearheaded its creation. Little do people realize this quasi-constitutional agency under the guise of oversight, extracts money via fines from banking system for "violations". Unlike traditional fines that go to the US Treasury, CFPB fines are redistributed to left wing organizations. You thought lefties brains exploded about USAID, wait until the CFPB unfolds in public. AKA...an extortion racket.
You would think that a person that is extremely paranoid about being assassinated by the "Deep State", which by the way doesn't exist, would stop painting his head Orange.
Just Google the junk USAID has been spending money on. 8 million to politico alone. When have we become the Soviet Union and been funding media for pro government propaganda? Guess it worked by your last statement.
In the words of Ron Swanson, "Slash it! Slash it!'
I am convinced a lot of individuals live in a bubble or simply chose not to believe what they see and hear. No normal taxpayer would be happy with the things are money was going to. We have a debt to pay down and budget to balance. Vast majority seem to be happy with the direction according to recent CBS polls...which show record approval ratings.
TDS at it's finest!!! I can't wait in the next 4 year America will be Golden again, and the deranged liberals will still be crying because they can't think freely for themselves, just listen to the propoganda media (MSNBC/CNN). Thats if they are still in business! LOL
MAA dropping TDS at it again, the go to excuse when you've got nothing else to say. Did you copy that from your buzzword generator?
As if you guys haven't been moaning the last 4 either lmao.
I'm loving all the reactions to President Trump. Especially the negative ones. Enjoy the next 8 years of President Trump, lol.
@Common sense
I have tons to say. The past 4 years were a disaster. The amount of fraudulent money laundering happening with OUR tax payer dollars is unacceptable. Trump and Elon are showing the America citizens how wasteful our money was being used. Do some research and see how ignorant our money was being used. Also he is trying to clean up 4 years of illegal immigration that is destroying our cities. Give the guy his 4 years and you will see he is going to change things for U.S citizens. Also, gets little “common sense” while you’re at it. It will make your user name more viable!
Last time Trump was president he was behind O on deportations, so once again another talking point of yours goes up in flames with just a little research. Practice what you preach instead of recycling empty talking points.
Immigration is about the only thing I agree him on, and so far at least, they've still yet to wow.
Common sense
He wasn't behind on deportation. He Improved the border security. The first day in office for Biden, he opened the flood gates. Are you that "lost" to not realize the magnitude of this. Also I gave you FACTS on the ignorance of the fraudulent spending and you choose to not comment on that as well. The tariffs are good for the U.S. because for YEARS were have been bending the knee for everyone else imposing huge tariffs in us. It's about time we make all the products we need in The US. And before you say, well we need other countries tries, I agree, but not to take advantage of us like they have. Trump is more knowledgeable now from his first term, and has surrounded himself with RELIABLE people he trusts and not swamp creatures from before. Wake up. See the light and the common sense will come!!
Why bother? You'll twist into some half baked thought that makes zero sense. Also, all of the stuff musk has been blabbing about on twitter has been publicly verifiable long before he got his hands on it... so many laws are being broken with Musk and co, but when you've got a DOJ in the bag for him, nothings gonna happen. Trump blinked last week on tariffs too because even his sycophants told him he's gonna tank the economy, they may be good when they're precisely applied and not dumped on an entire countries exports, particularly on high ticket items that already cost a ton (i.e cars). lol, his swamp buddies he has now came from the lowest depths of the swamps, and you can be sure heads will roll once the heat turns up and he scapegoats all of them, just like the first time. For a good judge of character hiring only the best, he sure flubbed on that one last time.
And yes, he was behind on deportations, even in 2019. Building a little piece of wall (that Mexico didn't pay for) and moving some staff around isn't somehow outpacing prior administrations deportations.
You can twist and squirm all you want, the cold, hard numbers don't lie.
Twist? I don't Twist anything. You can be lied to all you want! From the way you speak and the gibberish you post, CNN atleast has one person left watching their circus clown of a show! You and the rest of your fruit loop party that supports transgender surgeries on minors, funds wars, money laundering, illegal immigration, woke ideologies, believes there are a plethora of genders, the wasting of hard earned tax payer dollars, and inflation....you keep spouting your nonsense. The American people spoke and spoke LOUDLY and your complaining like a baby. Maybe look at your party and fix those issues I spoke about. They are all core issues and anyone with HALF "Common Sense" would agree on....sit back and enjoy next 4 years, or cry in your parents basement...doesn't affect me!
Common Sense's serial posting will end when his funding is discovered by Musk and cut off. While I am typing this somewhat tongue in cheek, what else could drive (other than $$$) one to post that much on an internet forum/blog?
lol, another go to MAGA tactic, I'm now a bot or funded troll farm. Anything to cope.
It's called a forum, you get notified when someone replies, that's how discussions happen.