FIRST ON FOX: The CEO of the largest steel producer in the U.S., Nucor Corp., endorsed President Donald Trump's tariffs on China, Canada and Mexico, Fox News Digital learned.
"Nucor applauds the first steps taken by President Trump in his America First Trade Agenda," Leon J. Topalian, the chair, president and CEO Nucor Corp., wrote in a statement dated Friday that was obtained by Fox News Digital. "We look forward to working with President Trump to enforce our trade laws and strengthen American manufacturing!"
The subject line of the letter reads, "Presidential Executive Orders on Canada, Mexico, and the People's Republic of China."
Nucor is based out of North Carolina and serves as the nation's largest steel producer and scrap metal recycler.
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The company's CEO recently joined CNBC's Jim Cramer and celebrated Trump's then-upcoming tariffs as tools to end "currency manipulation" and the "subsidization" of steel coming to the U.S. from abroad.
"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."
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Trump signed an executive order on Saturday authorizing tariffs on Mexico, Canada and China through the new International Emergency Economic Powers Act. The tariffs take effect on Tuesday and include 25% tariffs on imports from Canada and Mexico and a 10% tariff on imports from China. Energy resources from Canada will have a lower 10% tariff.
The tariffs were created in light of "extraordinary" threats stemming from "illegal aliens and drugs, including deadly fentanyl," according to the order.
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"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 have railed against the tariffs. Mexican President Claudia Sheinbaum said Saturday that her country "categorically reject[s] the White House's slander against the Mexican government of having alliances with criminal organizations, as well as any intention of intervention in our territory."
Meanwhile, Canadian Prime Minister Justin Trudeau encouraged residents to "buy Canada" by checking labels at stores to ensure a product is made in the Great White North.
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Trump defended the tariffs Sunday evening while talking to reporters gathered at Joint Base Andrews in Maryland.
"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."
Former President Joe Biden also imposed tariffs during his administration, including on steel and aluminum shipped from Mexico to the U.S. but made elsewhere.
Fox News Digital's Andrea Margolis contributed to this report.
