The CEO of Nucor Corp., Leon J. Topalian, has come forward in strong support of President Trump’s recent tariff actions.
In a statement dated Friday, Topalian declared, “Nucor applauds the first steps taken by President Trump in his America First Trade Agenda.” The statement, titled “Presidential Executive Orders on Canada, Mexico, and the People’s Republic of China,” underscored the company’s readiness to collaborate with the administration in enforcing U.S. trade laws and bolstering domestic manufacturing.
Topalian elaborated on the impact of the tariffs during a recent appearance on CNBC with Jim Cramer. “We saw the memo last Monday on tariffs and what they’re going to do,” he noted. The CEO expressed optimism that the measures, designed to halt “illegal dumping, the manipulation, currency manipulation and subsidization of steels coming into the shores of the U.S.,” would be both far-reaching and broadly effective. He also remarked on the company’s careful evaluation of potential asset acquisitions, stressing that, “we’re not going to overpay for assets.”
President Trump formalized these initiatives by signing an executive order on Saturday under the International Emergency Economic Powers Act. The order authorizes tariffs of 25% on imports from Canada and Mexico, along with a 10% tariff on Chinese goods, and specifies a reduced 10% duty on Canadian energy imports. The order justifies these tariffs by citing significant threats stemming from “illegal aliens and drugs, including deadly fentanyl,” and asserts that the current challenges jeopardize the fabric of American society. It further claims that Canada has been “central” to these issues by not adequately coordinating with U.S. law enforcement to curb the influx of illicit drugs.
In response, foreign leaders have reacted sharply. Mexican President Claudia Sheinbaum issued a statement rejecting what she described as “the White House’s slander” against her country and denying any government ties with criminal organizations. Meanwhile, Canadian Prime Minister Justin Trudeau encouraged citizens to “buy Canada” by checking product labels to ensure they support domestic manufacturing. At a briefing at Joint Base Andrews in Maryland, Trump defended the tariffs by asserting that “Canada has been very abusive of the United States for many years,” citing issues such as restrictions on U.S. banks and farm products entering Canada.
The implementation of these tariffs marks a significant policy shift aimed at rectifying perceived trade imbalances and protecting American industries. The measures are seen by many as a robust effort to prioritize national interests and ensure that U.S. economic policies safeguard jobs and maintain a competitive edge in the global market. This strategy reinforces the belief that strong, decisive trade policies are essential to counteract practices that have long disadvantaged the domestic workforce and economy.
