The stock prices of several United States steel companies were trading higher on Monday morning in the wake of President Donald Trump's announcement that he would levy 25% tariffs on imported steel.
U.S. Steel, Nucor, Cleveland-Cliffs and Alcoa were all up at least 3% in pre-market trading.
Trump told reporters aboard Air Force One on Sunday that the tariffs will apply to "any steel coming into the United States," adding this will also affect aluminum.
He didn't say when they would go into effect but said he would formally announce the tariffs on Monday.
Canada is the largest source of steel and aluminum imports followed by Brazil, Mexico and South Korea.
Trump also said he would announce "reciprocal tariffs" to match his government's levies to the rates charged by other countries on U.S. products.
"Every country will be reciprocal," Trump said.
