The White House has announced that certain metals — including steel, aluminum and gold — will be exempt from newly introduced reciprocal tariffs. This exemption aims to protect domestic buyers and reduce disruption in industries that heavily rely on imported metals.
However, a White House official said that some strategically important critical minerals could still be subject to tariff reviews under Section 232 of the Trade Expansion Act. The United States relies on imports for many metals whose supply chains are dominated by China: for example, China controls roughly 80% of rare earths, about 75% of zinc and tin, and more than half of global lithium production. In response to U.S. trade measures, China has already limited exports of several lesser-known but strategically vital metals where it holds a production advantage.
At the same time, U.S. steel companies have generally outperformed the broader market this year, helped by higher metal prices following tariff actions. Despite that relative strength, overall demand for metals remains subdued amid a slowdown in construction activity and persistent inflationary pressures.