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Home Steel News US imposing 25% tariff could slow down global steel trade
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US imposing 25% tariff could slow down global steel trade

10 Mar 2025 16:40 reported by Andrew Zhang

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The US will impose a 25% tariff on all imported steel on March 12, which may lead to a significant slowdown in global steel trade and accelerate more localized trade. 

ICAP, a major broker in the global energy and commodity markets, stated that changes in trade routes and supply chain disruptions may be beneficial for commodities and shipping, but what is truly concerning is the slowdown in global trade. 

In 2024, the US imported 23 million tons of steel under HS code 72. Canada, Mexico, and Australia, which had previously been exempted from tariffs under Section 232, provided a total of 8.5 million tons, accounting for 36.96% of the 23 million tons of imports. 

Canada is the largest source of imported steel for the US, exporting 5.3 million tons of steel to the US in 2024. As the US begins to impose tariffs, the Canadian steel industry has felt the impact of declining demand for its products. Due to the slowdown in US trade, several Canadian steel manufacturers have laid off employees and canceled expansion plans.

The shift of trade flow away from the US may benefit the domestic steel industry and increase capacity utilization. The American Iron and Steel Institute (AISI) stated that the biggest impact is to shift more of the US steel consumption towards domestically produced steel.

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