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    Analysis

    July 27, 2025

    Final Thoughts

    Written by Michael Cowden

    We had “Liberation Day” in April when President Trump first announced his “reciprocal” tariffs on other nations. And now we’re approaching what some of you are calling “Perspiration Day” – the Aug. 1 deadline that could see reciprocal tariff rates ratcheted up significantly for some nations.

    Section 232 tariffs of 50% on imported steel and potential tariffs of 50% on metallics from Brazil have resulted in higher prices. Case in point: SMU’s hot-rolled (HR) coil price stands at $845 per short ton (st) on average. That’s $210/st above where we were in late July of 2024, according to our pricing records.

    Michael Cowden

    Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

    Read more from Michael Cowden

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