US tariffs on steel and aluminum are poised to impact millions of tons of imports, with significant implications for international trade relations. For more details, visit this report by GMK Center. The United States continues to rely heavily on foreign supplies to meet the needs of its construction, vehicle production, technology, and military equipment industries. In 2023, steel consumption reached approximately 93 million tons, with net imports fulfilling 13% of this demand, according to the IndexBox platform. Additionally, aluminum consumption stood at 4 million tons, with imports comprising 44% of the total.

Trump’s Sweeping Tariffs on Mexico, Canada, and China Trigger Global Trade Showdown

These tariffs, first introduced during the Trump administration, have sparked responses from key trade partners. President’s recent announcement included new duties of 25% on imports from Mexico and Canada and 10% on Chinese imports. Canada retaliated with 25% duties on US imports totaling up to $155 billion, affecting steel and aluminum products in two stages. In Mexico, President Claudia Sheinbaum has authorized reciprocal trade measures, while China announced intentions to file a WTO complaint.

Despite the protective tariffs, domestic steelmakers in the US expressed concerns about profit and production pressures due to the increase in import growth. As reported by GMK Center, imports of rolled metal products rose by 3.7% in 2024 compared to the previous year, totaling 22.5 million tons. The American Iron and Steel Institute (AISI) data further highlights a 2.5% annual increase in total steel imports—encompassing both rolled and semi-finished products—to 28.86 million tons. Key steel import sources remain Canada, Brazil, and Mexico, contributing 6.56 million tons, 4.49 million tons, and 3.52 million tons respectively.

Source: IndexBox Market Intelligence Platform