WASHINGTON: The move, tied to a major merger between Japan’s Nippon Steel and U.S. Steel, aims to bolster domestic production but may widen the global trade rift.
Speaking at a rally in Pennsylvania, President Trump declared his intention to double existing tariffs on steel imports, stating, “We will impose a 25 percent increase, and we will raise the tariff on steel imports to the United States from 25 percent to 50 percent.”
He cited a $14.9 billion acquisition agreement between Nippon Steel and U.S. Steel as a turning point for the American steel industry, claiming the deal would preserve and create jobs for American workers. “Our steel and aluminum industries will rebound with unprecedented strength,” he said.
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The tariff hike, which will also extend to aluminum products, is scheduled to take effect on June 4. Economists warn the decision could trigger a surge in steel prices and spark broader consequences for manufacturers and consumers alike.
Trump’s move revives one of the key trade strategies from his previous term. The original 25% tariffs on most foreign steel and aluminum imports were among his first actions after returning to office in January, and they officially took effect in March.
