Leon Topalian, CEO of US steelmaker Nucor Corporation, has made some evaluations regarding US President Donald Trump’s plans to impose 25 percent tariffs on steel imports from Mexico and Canada, and 10 percent tariffs on steel from China as of February 1, according to media reports.
Mr. Topalian stated that dumped imports disturb the balance of the market, resulting in an unlevel playing field that has hurt the steel industry for decades. He pointed out that the share of Canadian and Mexican steel in total US imports account for about 40 percent and that the government needs to reverse trade agreements under the USMCA, reinstate the Section 232 tariffs and create a level playing field. In addition, he underlined that he is not against foreign companies opening steel mills in the US.
As a result, the Nucor official applauded the decision, expressing optimism regarding the future of the domestic steel industry. He stated that the tariffs will be comprehensive to prevent dumping, currency manipulation and subsidization.