Steel prices started rising for some U.S. companies even before President Trump announced tariffs on Canada and Mexico. Executives said they are bracing for more to come.
Trump on Saturday announced 25% tariffs on all imports from Mexico and Canada starting Tuesday. On Monday, he said he would hold off for a month as talks got under way between the U.S. and its neighbors.
If implemented, the duties are expected to strengthen U.S. steelmakers’ pricing power by effectively raising prices for foreign steel. It could also enable domestic companies to raise their prices, too.
At Riverdale Mills, a Massachusetts-based manufacturer of wire fencing and welded mesh used in lobster and crab traps, Chief Executive James Knott said his domestic suppliers of steel wire rod notified him two weeks ago that they are raising prices.
