President Donald Trump told media outlets this week that his 232 tariffs will eventually be regarded as the key force in saving the US steel industry, Kallanish reports.

In an unscheduled interview with the Wall Street Journal in the White House's Oval Office, President Trump says that his signature 232 maneuvers will make competition "...internal, like it used to be in the old days when we actually had steel, and US Steel was our greatest company."

He also acknowledged that steel prices are elevated as a result of the tariffs, though he added that they will eventually fall over time.

Notably absent from the published interview was a timeline for the tariffs themselves. Market speculation has been swirling regarding the fate of the North American Free Trade Agreement and long-standing trade agreements with the European Union.

Earlier this week, Canadian officials opened a public comment period on potential safeguard measures aimed at protecting the domestic market from steel diverted from the US to Canada as a result of the tariffs.

Several market sources said this likely means that Canada expects the 232 tariffs to remain in force until at least the November mid-term US elections.