X, CLF, NUE: Canada to Raise Steel and Aluminum Counter-Tariffs
Canada is threatening to raise its counter-tariffs on imports of U.S. steel and aluminum products starting on July 21.
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Canadian Prime Minister Mark Carney said his government will place tariffs on steel and aluminum products that are 'consistent' with U.S. duties that currently sit at 50%. The move will coincide with the end of the 30-day trade deal deadline announced after Carney and U.S. President Donald Trump met at a recent G7 meeting.
Prime Minister Carney also said that his government's procurement policies will favor Canadian suppliers and 'reliable trading partners' moving forward. Finally, his government will unleash new, retroactive tariff quota rates at 100% of 2024 levels on imports of steel products from non-free trade agreement countries.
Higher tariffs from Canada are likely to impact major steel producers such as U.S. Steel (X), Cleveland-Cliffs (CLF), and Nucor Corp. (NUE).
Tit-for-Tat
The announcement of more tit-for-tat tariffs comes as Canada's industrial sector strains under pressure from President Trump's tariffs on steel and aluminum imports. Earlier in June, the president hiked existing metals tariffs from 25% to 50% in a move aimed at protecting American workers.
Since the first Trump tariffs were introduced in April, layoffs have risen and investments fallen in Canada's metals sector, says the Canadian Steel Producers Association, which has previously said that, 'At a 50 per cent tariff rate, the U.S. market is effectively closed to Canadian steel.'
Now, Prime Minister Carney says that new counter tariffs unveiled in coming weeks will combat symptoms of 'persistent global overcapacity.'
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average CLF price target of $8.34 implies 13.78% upside from current levels.
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