US Steel (NYSE:X) shares climbed roughly 8% Wednesday morning as Donald Trump secured victory in the U.S. presidential election, winning 277 electoral college votes.

The American steel producer could potentially benefit from the victory if Trump implements similar tariffs on steel imports as he did in 2018.

The Trump administration had imposed a 25% tariff on imported steel and 10% on aluminum in 2018. The World Trade Organization had said at the time that the tariffs broke global trade rules.

The tariffs were later revoked by the Biden administration in 2021.

Trump has also pledged to limit foreign access to domestic markets to ensure a 100% American supply chain if he wins the election. In his economic remarks prior to the elections, the Republican said he intends to impose new tariffs on China ranging from 60% to 100%, as well as a 10% tariff on imports from other countries to ensure economic fairness.

Trump also reiterated that he would block the Nippon Steal deal if he became president. "I will stop Japan from buying United States Steel," Trump said at a campaign rally in Pennsylvania. "They shouldn't be allowed to buy it. We have to make it work. We have to make it work. You don't want to sell US Steel."

Potentially relevant stocks: Nucor (NUE) 9.8%, Cleveland-Cliffs (CLF) 9.9%, ArcelorMittal (MT) 0.48%, Steel Dynamics (STLD) 3.2%, Reliance, Inc. (RS) 2.8%, Alcoa (AA) 3.8%, Century Aluminum (CENX) 1.4%.

ETF: SLX, XME