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2w ago

US to Double Tariffs on Steel and Aluminium to 50%, Premiums Soar

Administration says elevated duties will incentivize U.S. mill expansion by raising returns on domestic output.

A general view of interior of a Nucor steel factory in Blytheville, Arkansas, U.S., March 28, 2025. REUTERS/Karen Pulfer Focht/File Photo
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Cranes at the Port of Los Angeles are empty of cargo ships, in San Pedro California, U.S., May 13, 2025. REUTERS/Mike Blake/File Photo
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Overview

  • Effective June 4, tariffs on imported steel and aluminium will rise from 25% to 50%, marking a major escalation in U.S. trade policy.
  • The U.S. Midwest duty-paid aluminium premium jumped 54% to $0.58 per lb, underscoring immediate cost pressures for buyers.
  • Hot-rolled coil steel prices climbed 6% to $910 per short ton as higher import levies took effect.
  • Manufacturing contracted for a third straight month in May as rising input costs pushed factory activity to a six-month low, according to ISM data.
  • Nippon Steel and Emirates Global Aluminium have pledged multi-billion dollar investments to modernize mills and build a new U.S. smelter, aiming to boost domestic output.