Looming Trump Tariffs Make US Steel Too Expensive at Home

US President Donald Trump’s threatened steel tariffs that don’t kick in for two weeks are impacting US buyers who already are seeing American-made metal cost more than imports.

The benchmark price for domestic steel touched more than $900 a ton this week, up almost one-fourth this year, in anticipation of the imminent 25% levy on foreign supplies. That surge means US prices have now moved above par with imported steel, according to people active in the market who asked not to be named discussing non-public information.

“What we’re seeing so far happen is mills capitalize on the tariffs and ...