Washington: US President Donald Trump's remarks on imposing tariffs on steel and aluminum imports boosted the stock prices of US steel and aluminum manufacturers on Monday. Stocks of US Steel rose 3.54%, Cleveland-Cliffs 12.9%, and Nucor 5.5% as of 1640GMT. The stock price of aluminum producer Alcoa also rose 2.7%.

According to Anadolu Agency, US steel and aluminum imports reached $109.5 billion in 2023, mainly from Canada, China, and Mexico, three countries Trump has threatened with tariffs. Trump said on Sunday that he will announce a 25% tariff on all steel and aluminum imports entering the country on Monday.