Nucor Corp., the largest steel producer in the US, has endorsed President Donald Trump’s tariffs on China, Canada, and Mexico, according to a statement released by the company’s CEO. Leon J. Topalian, chair, president, and CEO of Nucor Corp., praised Trump’s “America First Trade Agenda” and expressed his support for enforcing trade laws to strengthen American manufacturing.
Topalian stated that the tariffs will help to stop currency manipulation, subsidization, and illegal dumping of steel into the US market. He also mentioned that Nucor has been experiencing challenges in its business, including valuation issues, but believes the tariffs will ultimately benefit the company.
The tariffs, which took effect on Tuesday, include 25% tariffs on imports from Canada and Mexico and a 10% tariff on imports from China. The move is part of Trump’s executive order under the International Emergency Economic Powers Act, which was created in response to “extraordinary” threats from illegal aliens and drugs.
Foreign leaders have criticized the tariffs, with Mexican President Claudia Sheinbaum calling them a “slander against our government.” Canadian Prime Minister Justin Trudeau encouraged residents to “buy Canada” by checking labels at stores.
Source: https://www.foxnews.com/politics/america-first-largest-steel-producer-us-announces-support-trump-tariffs