Trump’s aluminum and steel tariffs set to go into effect today

WASHINGTON – 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.

“Any steel coming into the United States is going to have a 25% tariff,” he told reporters Sunday on Air Force One as he flew from Florida to New Orleans to attend the Super Bowl. When asked about aluminum, he responded, “aluminum, too” will be subject to the trade penalties.

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.