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Yahoo
04-06-2025
- Business
- Yahoo
Donald Trump to double tariffs on foreign steel to 50%
President Donald Trump said he's doubling tariffs on foreign steel to 50%, making the announcement during a May 30 visit to a U.S. Steel facility in Pennsylvania. Trump previously reversed his threat to impose 50% tariffs on steel and aluminum from Canada. Trump bulked up tariffs on foreign steel and aluminum after taking office for a second time, restoring the 25% levy that had been weakened by numerous country exclusions and quotas and thousands of product-specific exclusions. Trump said the higher tariffs will even further secure the steel industry in the United States. "Nobody's going to get around that," he said. While hiking tariffs could help U.S. steel producers, it is expected to increase costs for consumers and American makers of a variety of products − from cars to homes − that use steel. Trump pitched the tariff increase as a way to eliminate competition from foreign steel producers, saying at 25% foreign companies "can sort of get over that fence." The higher tariff goes into effect June 4, Trump said. "At 50% they can no longer get over the fence," he said. Canadian Chamber of Commerce President & CEO Candace Laing said hiking the steel tariffs is "antithetical to North American economic security." 'Unwinding the efficient, competitive and reliable cross border supply chains like we have in steel and aluminum comes at a great cost to both countries,' Laing said in a statement reacting to Trump's announcement. The steel tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the U.S. went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless-steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum fry pans and steel door hinges. The total 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50 billion in annual import value. Trump was in Pennsylvania to tout what he described as a "partnership" between U.S. Steel and Japan's Nippon Steel, which he said would strengthen the steel industry in the U.S.. Nippon plans to invest billions in U.S. steel production as part of the deal, Trump said. "There'll be no layoffs and no outsourcing whatsoever, and every U.S. steel worker will soon receive a well deserved $5,000 bonus," Trump said. Trump later told reporters that the deal isn't final. "I have to approve the final deal with Nippon and we haven't seen that final deal yet," Trump said after returning from the rally. Trump previously opposed a bid by Nippon to purchase U.S. Steel, but said that over time the 'deal got better and better.' Contributing: Reuters This article originally appeared on USA TODAY: Donald Trump doubling tariffs on foreign steel
The Sun
31-05-2025
- Business
- The Sun
Trump says he plans to double steel tariffs to 50%
WEST MIFFLIN (Pennsylvania): U.S. President Donald Trump on Friday said he planned to increase tariffs on foreign imports of steel from 25% to 50%, ratcheting up pressure on global steel producers and vowing to deepen his trade war. 'We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,' he said at a rally in Pennsylvania. The levy increase will take effect next week. The steel tariffs, along with levies on aluminum, were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the U.S. went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum fry pans and steel door hinges. The total 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50 billion in annual import value.
Economic Times
31-05-2025
- Business
- Economic Times
Trump says he plans to double steel tariffs to 50%
NYT News Service President Donald Trump visits the U.S. Steel Irvin Works in West Mifflin, Pa., on Friday, May 30, 2025. Trump has said Nippon Steel and U.S. Steel will be entering a "partnership," but the details remain unclear. (Kenny Holston/The New York Times) U.S. President Donald Trump on Friday said he planned to increase tariffs on foreign imports of steel to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% -- the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Trump announced the tariff increase at a speech given just outside of Pittsburgh, Pennsylvania, where he was talking up an agreement between Nippon Steel and U.S. Steel. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the U.S. Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market close as investors bet the new levies will help its profits. The doubling of steel levies - to take effect on June 4 - further intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals. Trump made the announcement at U.S. Steel's Mon Valley Works, a steel plant that symbolizes both the one-time strength and the decline of U.S. manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The steel tariffs, along with levies on aluminum, were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the U.S. went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum frying pans and steel door hinges. The total 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50 billion in annual import value. The U.S. is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike.
Business Times
31-05-2025
- Business
- Business Times
Trump says he plans to double steel, aluminum tariffs to 50%
[WEST MIFFLIN] US President Donald Trump on Friday said he planned to increase tariffs on foreign imports of steel and aluminum to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. 'We are going to be imposing a 25 per cent increase. We're going to bring it from 25 to 50 per cent – the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,' he said at a rally in Pennsylvania. Trump announced the tariff increase on steel products at a speech given just outside of Pittsburgh, Pennsylvania, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the US$14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. Later, he added the increased tariff would also apply to aluminum products and that it would take effect on Jun 4. 'Our steel and aluminum industries are coming back like never before,' Trump said in a post on Truth Social. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminum levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolizes both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum frying pans and steel door hinges. The total 2024 import value for the 289 product categories came to US$147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled US$50 billion in annual import value. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tonnes of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. REUTERS
Otago Daily Times
31-05-2025
- Business
- Otago Daily Times
US to double steel, aluminium tariffs to 50%: Trump
US President Donald Trump says he plans to increase tariffs on foreign imports of steel and aluminium to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% -- the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Trump announced the tariff increase on steel products at a speech given just outside of Pittsburgh, Pennsylvania, where he was talking up an agreement between Nippon Steel and U.S. Steel. Trump said the $US14.9 billion deal, like the tariff increase, would help keep jobs for steel workers in the US. Later, he added the increased tariff would also apply to aluminium products and that it would take effect on June 4. "Our steel and aluminum industries are coming back like never before," Trump said in a post on Truth Social. Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The total 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the U.S. International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tonnes of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike.
