Trump says he will double tariffs on steel imports to 50 per cent
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WASHINGTON — U.S. President Donald Trump said on Friday that he will double the tariffs on steel imports to 50 per cent.
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'We are going to bring it from 25 per cent 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,' Trump told steelworkers during a rally in Pittsburgh.
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A post on social media from the White House said the boosted duties would go into place next week.
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In March Trump put 25 per cent tariffs on steel and aluminum imports to the United States. The president has said his sweeping tariffs will bring manufacturing back to the United States.
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As the duties have increased with Trump's tariffs, the government's producer price index found the price of steel products has increased roughly 16 per cent.
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Trump on Friday said he was thinking about a 40 per cent tariff, but said 'the group' wanted it to be 50 per cent.
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Trump announced the increased tariffs during a rally to celebrate a deal between Japan-based Nippon Steel and U.S. Steel. Trump said U.S. Steel will stay an American company, but few details of the deal have been made public.
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Nippon Steel issued a statement approving of the proposed 'partnership.' It's not clear if a deal has been finalized.
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