Nucor Corp. CEO Supports Trump’s Tariffs on Trade

FIRST ON FOX: Leon J. Topalian, CEO of Nucor Corp., the largest steel producer in the United States, has publicly supported President Donald Trump’s tariffs imposed on imports from China, Canada, and Mexico. This significant endorsement highlights Nucor’s commitment to the “America First” trade agenda championed by the Trump administration.

Endorsement from a Major Industry Leader

In a statement obtained by Fox News Digital, Topalian expressed his approval of the Trump administration’s recent trade measures, stating, “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 Corp.: A Brief Overview

Nucor, headquartered in North Carolina, has cemented its position as the nation’s largest steel producer and scrap metal recycler. The company’s operations and its CEO’s alignment with Trump’s policies reflect a broader push within the industry to combat global competition that they argue undermines American manufacturing.

Details of the Tariffs

On a recent episode of CNBC’s “Mad Money,” Topalian celebrated the introduction of tariffs as essential tools to combat “currency manipulation” and the “subsidization” of foreign steel flooding into American markets. He remarked, “We saw the memo last Monday on tariffs and what they’re going to do. 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.”

Background on Trump’s Tariff Strategy

Recently, Trump signed an executive order authorizing tariffs on Mexico, Canada, and China under the International Emergency Economic Powers Act. The tariffs, effective immediately, include a hefty 25% on imports from Canada and Mexico, and a 10% tariff on imports from China, with a lower 10% tariff on energy resources from Canada.

According to the executive order, the tariffs were established in response to “extraordinary” threats resulting from illegal immigration and drug trafficking, including the potent opioid, fentanyl. The document states, “This challenge threatens the fabric of our society,” emphasizing the need for stringent measures to combat the influx of illicit activities across the borders.

International Reactions

These tariffs have not been well-received by foreign leaders. Mexican President Claudia Sheinbaum strongly rejected the allegations of collusion with criminal organizations and expressed dismay at the White House’s approach. Her statement made it clear: “We categorically reject the White House’s slander against the Mexican government.”

In a similar vein, Canadian Prime Minister Justin Trudeau urged his citizens to support local industry by purchasing Canadian-made products, encouraging a form of economic nationalism in response to external pressures.

Trump’s Defense of Tariffs

In a recent press conference, Trump reiterated his stance on the tariffs, asserting that Canada has been “very abusive” toward the United States over the years. He pointed out the restrictions Canadian banks impose on U.S. companies and criticized the barriers preventing the entry of American agricultural products into Canada. “Canada has been very tough for oil on energy,” he noted, calling the trading relationship a “one-way street,” favoring Canadian imports into the U.S. while restricting American products.

A Long-standing Trade Conflict

This current trade policy echoes similar stances taken by previous administrations. Former President Joe Biden, for instance, implemented tariffs during his presidency, particularly focusing on steel and aluminum imports from Mexico, showcasing a trend of ongoing trade hostilities spanning multiple administrations.

The Bigger Picture

The endorsement from Nucor’s leadership signifies a strong alignment between American manufacturing interests and the Trump administration’s aggressive trade tactics. As U.S. steel manufacturers face increasing pressure from global market forces, the move to impose tariffs may represent a pivotal moment in reshaping the landscape of international trade policies.

With the tariffs in place, industry leaders like Topalian anticipate a shift in manufacturing dynamics and hope that the administration will continue to prioritize domestic production. “We’re the largest steel company in North America, so, of course, we took a look a year and a half ago, and we’ll continue to look and see if those assets come back,” Topalian added, indicating ongoing evaluations of the market.

Fox News Digital’s Andrea Margolis contributed to this report.