President Donald Trump doubled Section 232 tariffs for steel and aluminum to 50 percent in June 2025, asserting the higher charges would boost domestic metals production and reduce the United States’ reliance on foreign imports. While those tariffs have helped build momentum for metals projects, industry experts say shifting trade policy may be limiting the tariffs’ impact on investments.
“The tariffs have not driven the level of new US metals investment that some predicted because new tariffs alone do not offset the broader barriers to investment,” Bracewell’s Josh Zive told S&P Global.
“Broader uncertainty around trade policy, including USMCA renegotiation, overlapping tariff regimes and the risk of retaliation, has made some investors more hesitant because they cannot confidently model costs, market access or supply-chain decisions over the life of a major project,” Zive said.
