On November 25, Donald Trump announced plans to impose a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods. The policy aims to address cross-border issues but is likely to increase costs for US manufacturers.

Steelmakers, however, have welcomed the move, as it is expected to support domestic steel prices and production.

Canada and Mexico are key suppliers of steel to the US, making the proposed tariffs particularly impactful.

In 2023, the two countries, along with China, accounted for 41% of US metal imports. Experts warn the tariffs could disrupt supply chains, but US steel mills view the policy as a trade barrier that would benefit domestic producers by reducing foreign competition.

If implemented, the tariffs could drive higher US steel prices, creating opportunities for increased local production amid a reshaped global trade landscape.