Steel Dynamics is likely set to be a big beneficiary of Trump's steel tariffs. Click here to find out why STLD stock offers up to 29.7% upside.

Shares of Nucor (NUE) are up 8.3% in morning trading, Steel Dynamics (STLD) was rising 6.7%., and U.S. Steel (X) was 5.1% higher. Aluminum stocks were also moving up as Trump said he'd include it in his tariff order, too.

The president’s plan to impose 25 percent tariffs on foreign steel and aluminum could protect U.S. suppliers, while increasing costs for others.