Trump Announces U.S. Steel Tariffs to Double to 50%
U.S. President Donald Trump announced at a Pennsylvania steel mill that the tariffs on imported steel will be raised to 50%.
Previously, he signed an executive order in February imposing a 25% tariff, which took effect in March. In his recent speech, Trump stated that this new tariff plan aims to further protect the U.S. steel industry and ensure no one can evade the tariffs.
Initially, Trump considered increasing the rate to 40%, but industry leaders suggested aiming for 50%, stating that a 25% rate was still surmountable. Additionally, he disclosed a partnership agreement with Nippon Steel, focusing on maintaining American control over the U.S. Steel Corporation, which is expected to create 70,000 jobs.
The U.S. government has recently relaunched a review of the acquisition deal with Nippon Steel, emphasizing that it is a significant investment agreement for the U.S.
