The CEO of Nucor Corp., the biggest steel producer in the U.S., backed Trump's tariffs on China, Canada, and Mexico. Fox News Digital obtained his statement.
"Nucor applauds the first steps taken by President Trump in his America First Trade Agenda," said Leon J. Topalian, chair, president, and CEO of Nucor Corp. "We look forward to working with President Trump to enforce our trade laws and strengthen American manufacturing!"
The subject line of the letter read: "Presidential Executive Orders on Canada, Mexico, and the People’s Republic of China."
Nucor, based in North Carolina, leads the nation in steel production and scrap metal recycling.
Topalian recently joined CNBC’s Jim Cramer and praised Trump’s tariffs. He called them a way to stop "currency manipulation" and steel "subsidization" from foreign countries.
"We saw the memo last Monday on tariffs and what they're going to do," Topalian said Tuesday. "And I think they're going to be far-reaching, and I think they're going to be very broad to, again, stop the illegal dumping, the manipulation, currency manipulation and subsidization of steels coming into the shores of the U.S."
"We're the largest steel company in North America, so, of course, we took a look a year and a half ago and, and, we'll continue to look and see if those assets come back," he said. "But, part of the reason we didn't move forward is valuation. We're not going to overpay for assets."
Trump signed an executive order Saturday, enforcing tariffs under the International Emergency Economic Powers Act. The tariffs start Tuesday. Canada and Mexico face 25% tariffs, while China gets 10%. Canadian energy resources get a lower 10% tariff.
The order claims "extraordinary" threats, including illegal immigration and drug trafficking. Fentanyl was specifically mentioned.
"This challenge threatens the fabric of our society," the executive order states. "Gang members, smugglers, human traffickers, and illicit drugs of all kinds have poured across our borders and into our communities.
"Canada has played a central role in these challenges, including by failing to devote sufficient attention and resources or meaningfully coordinate with United States law enforcement partners to effectively stem the tide of illicit drugs."
Foreign leaders slammed the tariffs. Mexican President Claudia Sheinbaum rejected claims that Mexico has ties to criminal groups. She called the accusations "slander."
Canadian Prime Minister Justin Trudeau urged citizens to "buy Canada." He told them to check labels and support Canadian-made products.
Trump defended the tariffs Sunday at Joint Base Andrews. He criticized Canada’s trade policies.
"Canada has been very abusive of the United States for many years. They don't allow our banks," Trump said. "And you know that Canada does not allow banks to go in, if you think about it. That's pretty amazing. If we have a U.S. bank, they don't allow them to go in."
"Canada has been very tough for oil on energy. They don't allow our farm products in, essentially. They don't allow a lot of things in. And we allow everything to come in as being a one-way street."
Biden also imposed tariffs as president. His included steel and aluminum from Mexico that was produced elsewhere.