• Skip to main content

    Analysis

    Ethan Bernard, SMU Team

    April 1, 2025

    Final Thoughts

    Written by Ethan Bernard

    This April 1, we stand on the brink of President Trump’s self-proclaimed “Liberation Day.” No fooling around. For this Tariff Reveal Party, no one knows quite what to expect. And whether it turns out the game is checkers, 4-D chess, or Russian Roulette, I can’t help but wonder: Have we been too busy fighting the last tariff?

    There’s that old saying that generals are always busy fighting the last war. Recently, Senior Analyst Brett Linton and I took a walk down tariff lane. From Smoot-Hawley, to Trump’s Section 232 1.0, we looked backwards. This time seems different.

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

    Read more from Ethan Bernard

    Latest in Analysis

    US scrap prices strengthen from initial October levels

    Earlier this week, several steelmakers entered the market with prices for shredded, plate and structural (P&S), and heavy melting steel (HMS) up $20 per gross ton (gt) from September. Prices on prime grades were initially missing but were then reported as up only $10. This occurred in select regions, mainly in the northern tier. As the week went on, expectations were that the rest of the market would follow suit. But this has not been the case.

    SMU scrap market survey results now available

    SMU’s October ferrous scrap market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the Pricing and Analysis tab and look under the “survey results” section for Ferrous Scrap Survey results. Past scrap survey results are also available under that selection. If you need help accessing the survey results or if your company would like to have your voice heard in our future surveys

    US steel imports reach 15-month high in August, rise further in September

    Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.