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Goncalves: Heightened Steel Tariff Could Help Solidify USMCA
06/17/2025 - Cleveland-Cliffs Inc.’s chief executive defended President Donald Trump’s newly imposed 50% tariff on imported steel, arguing that the higher rate would encourage Canada and Mexico to put a halt to steel transshipments.
Speaking during the opening day of the 2025 Global Steel Dynamics Forum, Lourenco Goncalves said Trump’s previous iteration of the Section 232 tariff wasn’t having the desired outcome, with exporters selling through the tariffs and using Canada and Mexico as a transshipment platform into the United States.
Goncalves told attendees that he believes the heightened tariff will prompt the trading partners to take action. And so far, he said, it seems to be working.
“I believe there is a real chance that if things go the way they’re going, (we could) re-fence North America. And then you can have a real USMCA that’s functional with melted and poured rules in place and not as a transshipment ground.”
Organized annually by the Association for Iron & Steel Technology and World Steel Dynamics, the Global Steel Dynamics Forum is taking place Tuesday and Wednesday in New York City.
Check back with AIST’s Steel News for updates.
Goncalves told attendees that he believes the heightened tariff will prompt the trading partners to take action. And so far, he said, it seems to be working.
“I believe there is a real chance that if things go the way they’re going, (we could) re-fence North America. And then you can have a real USMCA that’s functional with melted and poured rules in place and not as a transshipment ground.”
Organized annually by the Association for Iron & Steel Technology and World Steel Dynamics, the Global Steel Dynamics Forum is taking place Tuesday and Wednesday in New York City.
Check back with AIST’s Steel News for updates.
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