White House Widens Steel Tariff Scope: Key Impacts on US Steel and Aluminum Firms

The Trump administration has added 407 derivative product codes to the list of goods subject to 50% tariffs on steel and aluminum imports. This affects publicly traded steel companies like ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamics, and U.S. Steel, as well as aluminum companies Alcoa and Century Aluminum. President Trump also issued an executive order to boost U.S. competitiveness in the commercial space industry, with Rocket Lab and Intuitive Machines expected to benefit. The president will meet with Ukraine's Volodymyr Zelenskiy on Monday and may discuss security guarantees.

The Trump administration has taken significant steps to expand its trade policies, affecting both the steel and aluminum industries, as well as the commercial space sector. On August 15, the Commerce Department added 407 derivative product codes to the list of goods subject to 50% tariffs on steel and aluminum imports [1]. This move will impact publicly traded steel companies such as ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamics, and U.S. Steel, as well as aluminum companies Alcoa and Century Aluminum.

The expansion of tariffs is part of a broader strategy to protect U.S. jobs and boost investment in these sectors. However, critics warn of potential inflation and weaker consumer spending as a result of the increased costs [2]. Automakers, in particular, are feeling the pressure, with Ford projecting a $2 billion hit this year alone from steel and aluminum tariffs. In response, automakers like General Motors have signed multiyear fixed-price steel contracts with Cleveland-Cliffs to stabilize costs amid tariff pressures [2].

Additionally, President Trump issued an executive order aimed at boosting U.S. competitiveness in the commercial space industry. The order, signed on August 13, 2025, seeks to streamline commercial license and permit approvals, eliminate regulatory barriers to launch and reentry, and promote the development of spaceport infrastructure [3]. Companies like Rocket Lab and Intuitive Machines are expected to benefit from these regulatory reforms, which could accelerate innovation and growth in the U.S. space industry.

As the administration focuses on these trade and regulatory measures, President Trump will meet with Ukraine's Volodymyr Zelenskiy on Monday. The meeting is expected to include discussions on security guarantees, further underscoring the administration's commitment to international relations and national security.

References:
[1] https://www.reuters.com/business/us-commerce-dept-widens-products-subject-steel-aluminum-tariffs-2025-08-15/
[2] https://www.cbtnews.com/detroit-automakers-lock-in-multiyear-steel-deals-as-tariffs-raise-cost-fears/
[3] https://www.whitehouse.gov/presidential-actions/2025/08/enabling-competition-in-the-commercial-space-industry/