In an exclusive revelation, Fox News Digital has learned that the CEO of Nucor Corp., the largest steel producer in the United States, has expressed his support for President Donald Trump's tariffs on China, Canada, and Mexico.
"Nucor applauds the first steps taken by President Trump in his America First Trade Agenda," stated Leon J. Topalian, the chair, President, and CEO of Nucor Corp., in a statement obtained by Fox News Digital. "We look forward to working with President Trump to enforce our trade laws and strengthen American manufacturing!" The statement, dated Friday, was titled "Presidential Executive Orders on Canada, Mexico, and the Peoples Republic of China."
Nucor Corp., headquartered in North Carolina, holds the distinction of being the nation's largest steel producer and scrap metal recycler. In a recent conversation with CNBC's Jim Cramer, Topalian lauded Trump's impending tariffs as effective measures to curb "currency manipulation" and the "subsidization" of steel imports into the U.S.
"We saw the memo last Monday on tariffs and what they're going to do," Topalian shared. "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."
As the CEO of the largest steel company in North America, Topalian emphasized the company's cautious approach to acquisitions. "We're not going to overpay for assets," he affirmed.
On Saturday, President Trump signed an executive order authorizing tariffs on Mexico, Canada, and China through the new International Emergency Economic Powers Act. The tariffs, which include a 25% tariff on imports from Canada and Mexico and a 10% tariff on imports from China, will take effect on Tuesday. Energy resources from Canada will be subject to a lower 10% tariff.
The executive order justified the tariffs as a response to "extraordinary" threats posed by "illegal aliens and drugs, including deadly fentanyl." The order stated, "This challenge threatens the fabric of our society," and criticized Canada for failing to adequately address these issues.
The tariffs have been met with strong opposition from foreign leaders. Mexican President Claudia Sheinbaum categorically rejected the White House's accusations against the Mexican government, while Canadian Prime Minister Justin Trudeau urged citizens to support local products.
President Trump defended the tariffs while addressing reporters at Joint Base Andrews in Maryland. "Canada has been very abusive of the United States for many years. They don't allow our banks," Trump said. "And you know that Canada does not allow banks to go in, if you think about it. That's pretty amazing. If we have a U.S. bank, they don't allow them to go in."
Trump also criticized Canada's restrictions on U.S. energy and agricultural products. "Canada has been very tough for oil on energy. They don't allow our farm products in, essentially. They don't allow a lot of things in. And we allow everything to come in as being a one-way street."
It's worth noting that former President Joe Biden also imposed tariffs during his administration, including on steel and aluminum shipped from Mexico to the U.S. but made elsewhere.
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