Trump signs 25% tariffs on steel, aluminum, boosting stocks, bitcoin, gold

U.S. President Donald Trump signed executive orders on Monday imposing his pledged 25% tariffs on steel and aluminum imports, set to take effect on Mar. 12. The move fueled a substantial surge in stock markets, pushed gold to a new all-time high, and triggered a slight rebound in Bitcoin.

The Republican president had unveiled the policy on Sunday aboard Air Force One while flying to the Super Bowl in Louisiana. “Today I’m simplifying our tariffs on steel and aluminum,” Trump said in the Oval Office, adding “It’s 25% without exceptions or exemptions.”

He also signaled that he would look at imposing additional tariffs on automobiles, pharmaceuticals, and computer chips.

U.S. steel and aluminum imports reached $109.5 billion in 2023, mainly from Canada, China, and Mexico, three countries Trump has threatened with tariffs. Canada and Mexico ─which Trump has already threatened with tariffs─ are the biggest steel importers to the United States, according to U.S. trade data. Brazil and South Korea are also major steel providers. Türkiye also ranks among the top 10 steel importers in the U.S.

Trump has also promised an announcement on Tuesday or Wednesday on broader “reciprocal tariffs” to match the levies other governments charge on U.S. products.

‘Trump considers exemption for Australia’

The U.S. leader said he was considering an exemption for Australia from the steel tariffs, confirming comments made by Australian Prime Minister Anthony Albanese.

“On tariffs, we discussed Australia’s position when it comes to tariffs, particularly with regard to steel and aluminum,” Albanese told reporters after the call. “The U.S. President agreed that an exemption was under consideration in the interests of both of our countries,” he remarked.

Australia is a minor global player in steel export markets but is a dominant source of iron ore, a key raw ingredient in the alloy, accounting for around 1% of U.S. steel imports and 2% of aluminum, Albanese said. Albanese also emphasized that the United States had a trade surplus with Australia, exporting twice as much as it imported.

Stocks, bitcoin, gold rallying

Following Trump’s initial announcement before signing the orders, Türkiye’s stock exchange plummeted on Monday, closing at 9,845.85 points—down 1.06% from the previous session—as concerns grew over the potential impact of steel tariffs on the country. The total transaction volume reached 84.6 billion Turkish liras ($2.35 billion), while the overall value of the index was 8.6 trillion liras ($240.6 billion).

Wall Street stocks climbed, with the tech-rich Nasdaq leading major indices, along with gains in steel stocks on the New York Stock Exchange (NYSE).

The Dow Jones Industrial Average (DJI) finished up 0.4% at 44,470.41 after spending most of the day in positive territory. The broad-based S&P 500 (INX) gained 0.7% to 6,066.44, while the Nasdaq Composite Index (IXIC) advanced 1.0% to 19,714.27, and the NYSE Composite Index (NYA) increased 0.39% to 20,117.88.

Tech shares, which have struggled for much of 2025, had a strong session, with Nvidia up 2.9% and other chip companies also advancing. Steel companies U.S. Steel and Nucor gained 4.8% and 5.6%, respectively, while Cleveland-Cliffs skyrocketed 18%. Aluminum producers Alcoa rose 2.7%, and Century Aluminum jumped 10.2%.

Meanwhile, gold extended its surge to record highs, rising 2.2% to $2,928 as of 06:08 GMT on Tuesday. Bitcoin also showed signs of reclaiming the $100,000 level, appreciating 1.4% to $98,437.

The currency exchange remained steady, with the USD/TRY exchange rate at 36.0195, the EUR/TRY at 37.0774, and the GBP/TRY at 44.5260, while Brent crude hovered at $76.27 per barrel.