Trump to double tariffs on steel, aluminum from 25 to 50%
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th.”
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“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th.”
President Donald Trump has announced that steel and aluminum tariffs will increase from 25 percent to 50 percent next week. The president said that the policy move will create another "big jolt" to the steel and aluminum industry in the US.
Trump wrote on Truth Social, "It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!"
He spoke about the move at a Pittsburgh rally on Friday, where he addressed the deal between Nippon Steel, a company based in Tokyo, Japan, as well as its recent deal with the US-based company, US Steel. Trump said that the US company would control operations with US Steel.
“There’s never been a $14 billion investment in the history of the steel industry in the United States,” he said on Friday in front of hundreds of steel workers, the Wall Street Journal reported. "Most importantly, US Steel will continue to be controlled by the USA."
Starting on June 4, steel and aluminum imports to the US will be subject to a 50 percent tariff, up from the 25 percent previously imposed by Trump earlier this year.
The deal between Nippon Steel and US Steel was highlighted by Trump when he was asked by reporters, with the president saying that Nippon Steel has made a "very big commitment." The company was looking to make a bid for US Steel earlier this year.
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