The CEO of Nucor Corp., the largest steel producer in the U.S., endorsed President Donald Trump’s tariffs on imports from China, Canada, and Mexico, Fox News Digital reported exclusively on Monday. “Nucor applauds the first steps taken by President Trump in his America First Trade Agenda,” Leon J. Topalian, the chair, president and CEO Nucor Corp., wrote in a statement dated Friday that was obtained by the outlet. “We look forward to working with President Trump to enforce our trade laws and strengthen American manufacturing!”
The subject line of the letter reads, “Presidential Executive Orders on Canada, Mexico, and the People’s Republic of China.” Nucor is based in North Carolina and is also the country’s biggest scrap metal recycler. The CEO of the company recently appeared on CNBC with Jim Cramer, praising Trump’s upcoming tariffs as effective measures to combat “currency manipulation” and the “subsidization” of imported steel.
“We saw the memo last Monday on tariffs and what they’re going to do,” Topalian said Tuesday. “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.” He added: “We’re the largest steel company in North America, so, of course, we took a look a year and a half ago and, 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.”
On Saturday, Trump signed an executive order that authorizes tariffs on Mexico, Canada, and China under the International Emergency Economic Powers Act. These tariffs will take effect on Tuesday and include a 25% tariff on imports from Canada and Mexico, as well as a 10% tariff on imports from China. However, energy resources imported from Canada will have a reduced tariff of 10%. That said, on Monday, Mexico blinked and agreed to put 10,000 troops on its border to halt illegal immigration and fentanyl smuggling, while Trump agreed to pause tariffs for a month.
“This challenge threatens the fabric of our society,” the executive order states. “Gang members, smugglers, human traffickers, and illicit drugs of all kinds have poured across our borders and into our communities. Canada has played a central role in these challenges, including by failing to devote sufficient attention and resources or meaningfully coordinate with United States law enforcement partners to effectively stem the tide of illicit drugs.”
Disclaimer: This article may contain commentary.