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The Republican majority in the House, too, may depend on Mr Bush's steel decision: several Republicans from steel districts won narrow victories in 2000.
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On Tuesday, Mr Bush was in Pittsburgh, a big steel town and home of the Pittsburgh Steelers football team.
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Bush hosted a fund-raiser Monday in the automaking Detroit suburb of Dearborn, Michigan, which felt the sting of tariffs imposed by the Bush administration in early 2002 that hiked steel prices.
CNN: Bush stumps in Rust Belt
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In March, Mr Bush imposed new tariffs on imported steel from a wide range of countries.
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Repealing the tariff, while helpful to automakers, could produce a political backlash for Bush in Pennsylvania, Ohio and West Virginia steel country.
CNN: Bush stumps in Rust Belt
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Mr Bush's decision to impose steel tariffs in March 2002 was designed, in part, to curry favour with steel workers.
ECONOMIST: The president and the dockers
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The EU has also fought off Mr Bush's tariffs on imported steel, which were repealed in December after the World Trade Organisation deemed them illegal.
ECONOMIST: Mr Schröder goes to Washington | The
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Mr Bush's call for duties on a wide range of imported steel products in March remains a highly contentious issue among members of the European Union and the basis for a possible trade war.
BBC: Trade row shadows G8 talks