President Donald Trump’s tariffs on Canada, China, and Mexico have been met with approval from one of the largest steel producers in the U.S.
According to Fox News, Leon J. Topalian, chair and CEO of Nucor Corp., wrote in a statement obtained by Fox News Digital that applauded Trump’s move to implement tariffs.
“Nucor applauds the first steps taken by President Trump in his America First Trade Agenda. We look forward to working with President Trump to enforce our trade laws and strengthen American manufacturing!” Topalian wrote.
During an interview with CNBC’s Jim Cramer Tuesday, Topalian was excited about the upcoming tariffs — that were authorized Saturday through executive order — telling Cramer the tariffs would stop the “subsidization” of imported steel.
“We saw the memo last Monday on tariffs and what they’re going to do,” Topalian told Cramer. “And I think they’re going to be far-reaching, and I think they’re going to be very broad to, again, stop the illegal dumping, the manipulation, currency manipulation and subsidization of steels coming into the shores of the U.S.”
“We’re the largest steel company in North America, so, of course, we took a look a year and a half ago and … we’ll continue to look and see if those assets come back. But part of the reason we didn’t move forward is valuation. We’re not going to overpay for assets.” Topalian said.
In the executive order, it states that the tariffs have been imposed because of “the extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency under the International Emergency Economic Powers Act.”
“Until the crisis is alleviated, President Donald J. Trump is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China. Energy resources from Canada will have a lower 10% tariff,” the executive order reads.
The order further states the Biden administration allowed the issue of illegal drugs and migration to “fester” and did not use the leverage available to the U.S.
“Previous Administrations failed to fully leverage America’s economic position as a tool to secure our borders against illegal migration and combat the scourge of fentanyl, preferring to let problems fester.”
The tariffs were set to take effect on Tuesday and would have implemented a 25% tariff on imports from Canada and Mexico, while China would pay a 10% tariff on imports. Tariffs on Canadian energy will be lowered at 10%.
However, Trump agreed to put a 30-day pause on the tariffs for Mexico, this was closely followed by an announcement by Canadian Prime Minister Justin Trudeau stating Trump further agreed to pause the tariffs on Canada, according to CNBC.
