Trump Signs Proclamation to Strengthen Tariffs on Steel, Aluminum, and Copper
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 02 2026
0mins
President Trump signed a proclamation to strengthen tariffs imposed on imported steel, aluminum, and copper in order to more effectively address the national-security threat posed by such imports. The proclamation "defines the way that tariffs are assessed, ensuring that they reflect the full value of imported steel, aluminum, and copper products-not an artificially low foreign price." The proclamation also establishes clear rules for calculating Section 232 metals tariffs. Articles made entirely or almost entirely of aluminum, steel, or copper will pay a flat 50% on their full value - for example, steel coils and aluminum sheet. Derivative articles substantially made of steel, aluminum, or copper will pay a flat 25% on their full value. Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X). Publicly traded companies in the aluminum space include Alcoa (AA), Kaiser Aluminum (KALU), and Century Aluminum (CENX). Publicly traded companies in the copper space include Freeport McMoRan (FCX).
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Analyst Views on CLF
Wall Street analysts forecast CLF stock price to fall
9 Analyst Rating
2 Buy
5 Hold
2 Sell
Hold
Current: 13.270
Low
5.75
Averages
12.78
High
17.00
Current: 13.270
Low
5.75
Averages
12.78
High
17.00
About CLF
Cleveland-Cliffs Inc. is a steel producer with a focus on value-added sheet products, particularly for the automotive industry in North America. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Its offering includes advanced high-strength steel, hot-dipped galvanized, aluminized, galvalume, electrogalvanized, galvanneal, hot-rolled coil (HRC), cold-rolled coil, plate, grain oriented electrical steel (GOES), non-oriented electrical steel (NOES), stainless steels, tool and die, stamped components, and slabs. Its Other Businesses primarily include the Tubular and Tooling and Stamping segments that provide customer solutions with carbon and stainless-steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components and complex assemblies.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Dynamics: Analyst Gordon L. Johnson notes that hot-rolled coil prices have continued to rise during the expected weakest period, indicating a supply-led squeeze, with an unusually tight physical market colliding with a structural import wall, providing more price support than anticipated.
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- Strategic Partnership: GM's Senior Vice President Shilpan Amin emphasized that suppliers' outstanding performance is crucial for vehicle development, and Cleveland-Cliffs' support in new technology and execution enables GM to respond faster and compete more effectively in the market.
- Commitment to Excellence: Cleveland-Cliffs' CEO Lourenco Goncalves stated that receiving this award reflects the company's commitment to providing a secure, reliable domestic supply chain and best-in-class steel products in North America, further solidifying its market position.
- Global Impact: The 2025 GM Supplier Awards recognized 103 suppliers from 14 countries, underscoring Cleveland-Cliffs' exceptional performance in key areas such as safety, innovation, and customer support, showcasing its significant role in the global automotive industry.
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