Tariff Zigzagging Pushes Commodity Prices

President Donald Trump’s shifting stance on tariffs has driven commodity prices higher. Since Trump announced the tariffs on February 9, benchmark steel prices have surged from roughly $740 per ton to $930 per ton.

U.S. steel companies, including U.S. Steel and Cleveland-Cliffs, argue that past exemptions “inadvertently created loopholes” for Chinese-made steel.

Aluminum prices have risen by about $100 per metric ton, reaching approximately $2,700, according to Barron’s Daily reporters Janet H. Cho, Al Root, and Brian Swint.

Unlike in his first term, Trump has stated that he will not grant exemptions to these tariffs. CEOs from eight U.S. steel companies, including U.S. Steel and Cleveland-Cliffs, have urged Trump to resist calls for exclusions, arguing that past exemptions “inadvertently created loopholes” for Chinese-made steel.

Economists warn that tariffs are likely to drive up U.S. consumer prices and slow economic growth as companies delay spending decisions. Goldman Sachs' Jan Hatzius has already revised his GDP growth forecast for 2025 down from 2.4% to 1.7%.