11:24 AM EST, 02/10/2025 (MT Newswires) -- Aluminum and steel stocks in the US jumped intraday Monday after President Donald Trump said Sunday he would impose 25% tariffs on metal imports.

Shares of steel manufacturer Cleveland-Cliffs ( CLF ) and aluminum producer Century Aluminum ( CENX ) rallied 12% and 10%, respectively, in Monday trade.

Steel Dynamics ( STLD ) and Nucor ( NUE ) were up roughly 6% each, while United States Steel ( X ) gained about 4.1%. Kaiser Aluminum ( KALU ) , Commercial Metals ( CMC ) and Alcoa ( AA ) logged smaller gains.

An executive order on the metal duties is expected to be issued around 1 pm ET, Scotiabank said in a note.

Last week, Trump delayed plans for 25% general import tariffs on Canada, which was the biggest supplier of aluminum to the US in 2023, at about 56% of American imports, ING said in a research note published Monday. Canada accounted for about 30% of US steel imports.

China recently announced a series of retaliatory tariffs against the US, while the Trump administration paused the announced tariffs on Mexico.

"With Trump back in the White House, uncertainty and unpredictability are running high," ING's Warren Patterson, head of commodities strategy, and Ewa Manthey, commodities strategist, wrote in the note. "Prolonged trade conflict would slow global growth and hurt demand for industrial metals."

Meanwhile, gold climbed to a fresh record high on Monday.

"Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe haven assets like gold," Patterson and Manthey said.

Price: 38.74, Change: +1.81, Percent Change: +4.90