Nucor, Steel Dynamics Stocks Gain As Trump Doubles Tariffs On Canadian Steel, Aluminum – Retail Remains Bullish

Nucor Corp. (NUE) and Steel Dynamics (STLD) shares rose as much as 2.5% in morning trading Tuesday after President Donald Trump announced plans to double tariffs on Canadian steel and aluminum imports – raising duties from 25% to 50%. 

The move, set to take effect Wednesday, follows a decision by Ontario’s government to impose a 25% tax on electricity exports to the U.S.

Copper stocks also rose, with Freeport-McMoRan Inc. (FCX) and Southern Copper Corp. (SCCO) gaining more than 1% each.

The broader 25% tariff on all U.S. steel and aluminum imports remains in place, but Canada now faces additional duties. 

Trump, in a post on X (formerly Twitter), framed the measure as retaliation for Ontario Premier Doug Ford’s tax on U.S. electricity exports. 

The U.S. President also demanded that Canada drop what he called an “Anti-American Farmer Tariff” on certain U.S. dairy products, warning he would soon declare a “National Emergency on Electricity within the threatened area.”

Ford quickly responded, stating that Ontario would stand firm on its countermeasure. “We will not back down. We will be relentless,” he said on MSNBC. 

“I apologize to the American people that President Trump decided to have an unprovoked attack on our country, on families, on jobs, and it’s unacceptable.”

On Stocktwits, retail sentiment around Nucor’s stock remained in the ‘bullish’ zone. According to platform data, retail chatter around the stock has increased 50% over the past month ahead of the tariff implementation.

Nucor’s shares are up 9.5% this year but have lost over 30% over the past 12 months.

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Read also: Freeport-McMoRan, Southern Copper Stocks Rise Pre-Market Amid Reports Of Tariff Expansion, Pentagon-Backed Metal Refining – Retail’s Divided