US Aluminum and Steel Prices Surge as Trump Doubles Tariffs

What Trump’s 50% Tariffs Mean for the Steel Industry

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By Mark Burton

June 2, 2025 at 8:35 AM EDT

Updated on

June 2, 2025 at 4:27 PM EDT

Futures tracking aluminum and steel prices in the US surged after President Donald Trump said he will double tariffs on the metals this week.

Contracts linked to the prices that manufacturers pay to get aluminum delivered to the US Midwest jumped 54% to the highest since 2013 on the Comex exchange in New York on Monday — offering an early glimpse of the much higher costs for American factories, with import levies set to rise to 50% from Wednesday.