11:57 AM EDT, 06/02/2025 (MT Newswires) -- Several steel and aluminum stocks advanced on Monday after President Donald Trump said on Friday that he planned to double duties on metal imports.

In a social media post late last week, Trump said he will boost tariffs on steel and aluminum to 50% from 25%, effective Wednesday.

Steel manufacturer Cleveland-Cliffs' ( CLF ) shares soared 26% intraday Monday, while aluminum producer Century Aluminum ( CENX ) jumped 21%.

Nucor ( NUE ) and Steel Dynamics ( STLD ) were 10% higher each. Kaiser Aluminum ( KALU ) rose 2.9%, while Commercial Metals ( CMC ) gained 7.6%.

"US domestic steel producers are operating at (about 78%) utilization rates and therefore have capacity to increase production," UBS said in a Monday note. "Sustained 50% tariffs opens the door for the reintroduction of previously unprofitable idled capacity and new capacity to enter the market in the medium to long term."

The European Commission on Saturday said Trump's plan to increase steel tariffs "undermines ongoing efforts to reach a negotiated solution," Reuters reported. A European Commission spokesperson reportedly said that the European Union is ready to impose "countermeasures."

Canada's Chamber of Commerce called Trump's tariff hikes "antithetical to North American economic security," Reuters reported.

Trump's latest tariff move comes amid renewed trade tensions between the US and China.

China's Ministry of Commerce on Monday said the US violated a preliminary trade deal reached between the two countries in Switzerland. Last month, the US and China agreed to suspend most tariffs on each other's imports for 90 days. However, US President Donald Trump on Friday accused China of violating the pact.

Price: 7.23, Change: +1.40, Percent Change: +23.93