Trump Announces Doubling of Steel Import Tariffs to 50%

Economy

Trump Announces Doubling of Steel Import Tariffs to 50%

6 months ago

News sources:

BBC

REUTERS

NEWSWEEK

NYTIMES

INDIATIMES

Trump Announces Doubling of Steel Import Tariffs to 50%

Credited from: NYTIMES

Trump announced steel tariffs will increase from 25% to 50%.
New tariffs aim to protect the American steel industry.
Nippon Steel is set to invest $14 billion into U.S. Steel.

U.S. President Donald Trump announced a doubling of tariffs on steel imports from 25% to 50% during a rally at U.S. Steel's facility in West Mifflin, Pennsylvania. Trump stated this increase is intended to further protect the domestic steel industry and "secure" American jobs, declaring, "Nobody's going to get around that," amid efforts to combat foreign competition, according to BBC and Reuters.

The announcement also coincided with news of a significant investment deal where Japan's Nippon Steel is expected to contribute $14 billion to U.S. Steel's operations. The deal, characterized by Trump as a "blockbuster agreement," aims to ensure U.S. Steel remains an American company amidst foreign investment, according to Newsweek and NY Times.

Trump emphasized that the tariff increase was necessary to close loopholes foreign competitors used under the previous 25% rate. By raising tariffs to 50%, he asserted that American steel producers would receive stronger protection from foreign competition, echoing sentiments shared during a similar announcement related to aluminum tariffs, according to India Times and Anadolu Agency.