Nucor CEO Endorses Trump's Tariffs on Canada Mexico and China
Nucor Corp's CEO Leon J. Topalian endorsed President Trump's tariffs on Canada, Mexico, and China, citing the need to combat currency manipulation and strengthen American manufacturing.
The CEO of Nucor Corp., the largest steel producer in the United States, has expressed support for President Donald Trump's tariffs on imports from China, Canada, and Mexico. In a statement dated Friday, Leon J. Topalian, chair, president, and CEO of Nucor, stated, "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!"
Nucor, based in North Carolina, is well-known as the nation's largest steel producer and scrap metal recycler. Topalian recently appeared on CNBC, where he celebrated the anticipated tariffs as necessary measures to combat "currency manipulation" and the "subsidization" of foreign steel entering the U.S.
"We saw the memo last Monday on tariffs and what they're going to do," Topalian remarked. "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."
On Saturday, Trump signed an executive order authorizing tariffs through the International Emergency Economic Powers Act. Effective Tuesday, the tariffs will impose a 25% levy on imports from Canada and Mexico and a 10% tax on imports from China, while energy resources from Canada will be taxed at a lower rate of 10%.
The executive order cites "extraordinary" threats posed by "illegal aliens and drugs, including deadly fentanyl" as the rationale for the tariffs. It also states, "This challenge threatens the fabric of our society,” addressing issues related to gang activity, smuggling, human trafficking, and drugs.
In response, foreign leaders, including Mexican President Claudia Sheinbaum, have strongly criticized the tariffs, rejecting accusations from the White House concerning their government's relationship with criminal organizations. Canadian Prime Minister Justin Trudeau encouraged residents to support local products by checking store labels for Canadian-made goods.
Trump defended the tariffs while speaking to reporters at Joint Base Andrews, citing Canada's restrictive banking policies and barriers against U.S. farm products. He described the situation as a "one-way street," highlighting long-standing trade imbalances.
Former President Joe Biden had also imposed tariffs targeting steel and aluminum shipments from Mexico during his presidency.
