Trump doubles tariff on imported steel

The U.S. imported more than $31 billion worth of steel in 2024.

Transcript

00:00While stocks are slumping overall, steel stocks got a big bump to begin the first trading day of

00:04June. That's thanks to President Trump saying he would double the tariff on steel imports from 25%

00:09to 50%. After telling workers at a U.S. steel facility in Pennsylvania of his intentions,

00:14the president took to social media and posted,

00:16It is my great honor to raise the tariffs on steel and aluminum from 25% to 50%,

00:21effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never

00:25before. This will be yet another big jolt of great news for our wonderful steel and aluminum workers.

00:30Make America great again. According to the Commerce Department, the United States imported more than

00:35$31 billion worth of steel and iron in 2024, with $7.6 billion of that coming from Canada alone.

00:42Cleveland Cliffs, Nucor, and Steel Dynamics all saw their shares receive double-digit bumps in

00:47pre-market trading on June 2nd. That'll do it for your Daily Briefing. From New York City,

00:51I'm Kelsey Barbario with The Street.