White House Announces Tariff Exemptions for Steel Aluminum and Gold

The White House has revealed that imports of steel, aluminum and gold will not face reciprocal tariffs, this tariff exemptions offers much-needed relief to U.S. buyers who have been hit by the 25% tariffs on critical metals. These materials are essential in industries ranging from automobile manufacturing to home appliance production.

Exemptions Detailed in Presidential Announcement

On Wednesday, President Donald Trump outlined a new policy regarding tariffs on steel and aluminum. According to a White House fact sheet, metals previously subjected to Section 232 tariffs, including steel and aluminum, will be exempt from new duties. Notably, gold and copper were also included in the list of materials excluded from the new tariffs.

Flexibility in Metals Markets

This decision signals flexibility from the Trump administration in handling the metals markets, a key focus for the president. In February, Trump imposed a 25% tariff on all steel and aluminum imports. He removed prior exemptions as part of a broader trade strategy. The strategy aims to address the growing trade conflict.

Steel Companies See Gains Amid Tariffs

The new tariff relief has had mixed effects on the steel industry. Shares in steel companies have risen sharply this year, outperforming the broader market as tariffs pushed metal prices to their highest levels in over a year. Despite this, demand for steel remains weak due to sluggish construction markets, persistent inflation, and high borrowing costs.

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Warnings from Major U.S. Steel Producers

Leading U.S. steel producers, including Nucor Corp., Steel Dynamics Inc., and United States Steel Corp., have warned investors about disappointing earnings in the first quarter. These companies highlighted the ongoing challenges stemming from reduced demand and the broader economic environment.

Mixed Performance in Aluminum Sector

Aluminum companies have experienced varied performances in 2025. Shares of Century Aluminum Co. have increased by approximately 2%, while Alcoa Corp. has seen a significant decline of over 18%, partly due to much of its production taking place outside the United States.

Impact on Gold and Copper Markets

Trump’s tariffs have impacted global markets, particularly gold and copper. Initially, spot gold prices remained stable, while copper futures declined. However, the White House fact sheet exempted gold, but the executive order did not mention it. Consequently, investors await further updates, which may significantly influence future market trends.

Ongoing Adjustments to Trade Strategy

The administration adjusts its tariff policies, but the long-term effects on trade relationships and market stability remain uncertain. Businesses dealing in steel, aluminum, and metals must navigate a complex, fluctuating landscape. The changes will impact industries differently, requiring adaptation to new economic conditions. Companies will need to monitor these shifts closely to remain competitive.