Trump to double steel tariffs to 50%
US President Donald Trump on Friday said he would raise tariffs on imported steel to 50 per cent, up from the current 25 per cent. The move, set to take effect on June 4, is expected to raise costs for global steel producers and expand the scope of his trade actions.
'We are going to be imposing a 25 per cent increase. We're 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 said at a rally in Pennsylvania.
Reuters reported that the announcement was made during a speech near Pittsburgh, where Trump also discussed a $14.9 billion agreement between Nippon Steel and
US Steel
. He said both the deal and the tariff hike would help preserve employment in the steel sector.
Impact on markets and global trade
Following the announcement, shares of Cleveland-Cliffs Inc rose 26 per cent in after-hours trading as investors anticipated higher profits under the new tariff regime.
The decision comes shortly after Trump accused China of breaching a trade understanding with the US regarding the rollback of tariffs on critical minerals.
Trump made the announcement at US Steel's Mon Valley Works plant in Pennsylvania, a state seen as electorally significant. The site has long been associated with the rise and decline of domestic manufacturing.
The 25 per cent tariffs on most steel and aluminium products were first introduced in March under Section 232 of the Trade Expansion Act, citing national security concerns. The expanded tariffs now include a range of metal products, such as stainless steel sinks, gas ranges, frying pans, and door hinges.
According to US Census Bureau data, the 2024 import value for the 289 affected product categories reached $147.3 billion — with steel accounting for one-third and aluminium the remainder.
By comparison, Trump's initial two rounds of tariffs on Chinese industrial goods during his first term covered $50 billion worth of annual imports.
In 2024, the US imported 26.2 million tonnes of steel, excluding the European Union. Industry analysts expect the new tariffs to lead to increased steel prices domestically, affecting manufacturers and end-users.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
European shares start lower after Trump's fresh tariff threats
European shares opened lower on Monday, after rounding off monthly gains in May, as U.S. President Donald Trump 's new tariff plans threatened to rekindle global trade tensions. The continent-wide STOXX 600 was down 0.2% as of 0708 GMT. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Just Used This Mask—And He Couldn't Believe The Difference wellnesstodayonline Read Now Undo Late on Friday, Trump said he planned to increase tariffs on imported steel and aluminum to 50% from 25%, to which the European Union said it was prepared to retaliate. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Steel companies in Europe fell, with ArcelorMittal down 1% and conglomerate Thyssenkrupp down 1.1%. The tariffs, which can impact automobiles, weighed on stocks of carmakers, with the sector down 1.2%. Live Events Meanwhile, Sanofi agreed to buy U.S.-based Blueprint Medicines Corporation, paying $129 per share, representing an equity value of approximately $9.1 billion. Shares in the French pharma group were slightly lower. This week, the spotlight will be on the European Central Bank, which will announce its interest rate decision on Thursday. Comments from Federal Reserve Chair Jerome Powell and ECB President Christine Lagarde will be on tap, alongside a slew of economic data out of the trade bloc.
News18
26 minutes ago
- News18
Inside The US Dream: What Indian Students Are Studying And Why It Appeals
India sent over 331,000 students to the US in 2023–24, but recent visa policy changes under Trump have sparked uncertainty about their academic futures. In the 2023–2024 academic year, India sent more than 331,000 students to study in the US. However, US President Donald Trump's recent decision to suspend visa interviews for foreign nationals has created widespread uncertainty, leaving many Indian students in limbo about the future of their academic pursuits. Recently, US President Donald Trump defended his decision to limit foreign student admissions, even criticising Harvard University for what he called 'troubling behaviour" and its large amount of federal funding. Donald Trump said his administration still welcomes international students- but not those 'causing trouble." He said, 'We want to have great students here. We just don't want students who are causing trouble. I want foreign students here." advetisement Advertisement According to the Open Doors 2024 Report on International Educational Exchange, the number of international students at US colleges and universities hit a record high of over 1.1 million (1,126,690) in the 2023–2024 academic year — marking a 7% increase from the previous year. Leading the charge was India, sending 331,602 students, a 23% rise over the previous year's total. Indian students are particularly drawn to the STEM (Science, Technology, Engineering, and Mathematics) disciplines. Nearly 43% are enrolled in Mathematics and Computer Science, followed by 24.5% in Engineering, and 11.2% in Business and Management. These choices reflect not just global job market trends, but also the reputation of US institutions for cutting-edge research, technological advancement, and real-world impact. Field of Study Percentage of Indian Students Business / Management 11.2% Education 0.2% Engineering 24.5% Fine / Applied Arts 1.3% Health Professions 2.7% Humanities 0.4% Intensive English 0.3% Math / Computer Science 42.9% Physical / Life Sciences 5.4% Social Sciences 2.2% Other Fields of Study 8.3% Undeclared 0.5% Total Students 331,602 But what drives Indian students to choose STEM courses and study abroad? And why is the US their top destination? Speaking to Sachin Jain, Country Manager at ETS India & South Asia, explained, 'The United States remains one of the top destinations for Indian students, especially in future-forward fields such as Computer Science, Engineering, AI, Data Science, and Management." He added, 'Nearly 70% of Indian students in the US are pursuing STEM degrees. This preference is driven by global demand for tech and innovation-led skills, world-class research infrastructure, and structured post-study work opportunities of up to three years. US universities are no longer just degree providers — they are launchpads for global careers." ALSO READ: Study Abroad Shift: 25% Indians May Avoid US, Experts Say Ireland, Germany & Japan Seeing Surge For students like Rishabh (name changed on request), currently studying at the California Institute of Technology (Caltech), the decision to move was driven by more than just university rankings. 'I chose the US because of its cutting-edge research, global faculty, and strong industry linkages. It's not just about textbooks — I work on real-world projects and have access to labs that address some of the world's most pressing challenges. The culture here encourages innovation and critical thinking. It's truly shaping me into a global problem-solver," he said. Mechmi Gurung, a student in Yale University's Master of Advanced Management programme, shared a similar sentiment. 'Studying in the US was a dream that turned into a plan. The academic flexibility, exposure to diverse cultures, and access to the tech ecosystem make it the best place to grow. I wanted more than just a degree — I wanted experience, innovation, and a global mindset. Being the best version of yourself is what US education pushes you toward," she said. ALSO READ: Study Abroad Shift: 25% Indians May Avoid US, Experts Say Ireland, Germany & Japan Seeing Surge Despite Policy Shifts, Experts Remain Optimistic top videos View All According to the Open Doors Student Mobility Facts and Figures 2024, the majority of Indian students (64.5%) were enrolled in public institutions in 2023, while 35.5% attended private universities. Indian students' contribution to the US economy in 2023 was significant, generating $11.8 billion, as per the International Student Economic Impact 2023. Although recent US policy changes may cause short-term uncertainty, education experts remain optimistic about the long-term outlook for international study. They advise students to stay informed, think globally, and choose academic paths that align with their career ambitions and financial plans. About the Author Archit Gupta Watch CNN-News18 here. Stay updated with the latest education! Get real-time updates on board exam results 2025, entrance exams such as JEE Mains, Advanced, NEET, and more. Find out top schools, colleges, courses and more. Also Download the News18 App to stay updated! tags : America donald trump Indian students Study abroad us Location : New Delhi, India, India First Published: June 02, 2025, 13:05 IST News education-career Inside The US Dream: What Indian Students Are Studying And Why It Appeals
News18
27 minutes ago
- News18
Explained: How China's Rare Earth Magnet Export Curbs Could Hit India's Bajaj Auto, TVS Motor
Last Updated: China's rare earth magnet export curbs: After Bajaj Auto's warning, TVS Motor fears production hurdles and price hikes China's Rare Earth Magnet Export Curbs: India's two-wheeler electronic vehicle EV is gearing up for a new supply chain turbulence, with TVS Motor Company too raising a red flag over China's curb on export of rare earth magnets, just days after Bajaj Auto expressed production concerns. China's Rare Earth Magnet Curb – What Does It Mean? With new Chinese export rules delaying shipments, manufacturers are warning of significant disruptions to vehicle production if supplies aren't restored soon. At the center of the problem is a crucial component: neodymium-iron-boron (NdFeB) magnets. These rare earth magnets are indispensable to both electric and conventional vehicles, used in systems ranging from motors and steering to brakes, wipers, and audio equipment. Without them, even a small shortage can bring assembly lines to a crawl. What Changed? The bottleneck began in April, when China — which processes more than 90% of the world's rare earth magnets — introduced stricter export controls. Under the new rules, exporters must obtain government licenses and detailed end-use certificates from buyers before shipping. While pitched as procedural updates, the result has been a slowdown in clearances. According to The Economic Times, several Indian-bound consignments are stuck at Chinese ports with no movement in sight. Unlike some European companies, Indian firms have not yet received export approvals, deepening concerns about when production may start to feel the strain. Current inventory levels, industry executives say, could run out by early June. India imported 460 tons of rare earth magnets in FY24 — virtually all from China — and planned to import 700 tons this year. Their relatively low value belies their critical function. No viable alternatives exist at scale today, which leaves Indian production lines exposed. To reduce long-term dependency, India is advancing plans for domestic production. A high-level meeting is reportedly scheduled for June 3, where the Ministry of Heavy Industries will finalize a support framework for magnet manufacturing, including incentives and infrastructure. What Are The Auto Giants Saying? 'The impact of the ban will begin to reflect in production by June or July," Sudarshan Venu, MD, TVS Motor said during an interaction with CNBC-TV18 on June 2, warning that the electric two-wheeler segment could be especially exposed. Rare earth magnets, largely sourced from China, are vital to EV motors' performance, and any supply disruption could derail production schedules. In the near to medium term, this could lead to output halts and even potential price hikes, said Venu, as companies race to secure alternative sources. 'We're actively exploring ways to de-risk the situation, but there could be cost increases down the line," the managing director of TVS Motor said. The company has again underscored the urgent need for India to localise its EV supply chain. 'The auto industry must build a robust domestic ecosystem for such critical materials. Developing a self-reliant supply chain is a necessity," Venu said. According to the protocol, Indian importers – in this case, TVS Motor vendors – must self-declare the end use of the magnets, which are then cleared through a multi-step certification process involving Indian authorities and the Chinese Embassy. So far, about 30 such applications have cleared the Indian stages and await final clearance from China. With China supplying nearly 90% of the world's rare earth magnets, sourcing immediate alternatives is proving to be a significant challenge. Substitutes would require extensive investment in testing, validation, and integration — a process that would only bear fruit in the medium term. Last week, Bajaj Auto warned of the looming crisis during its Q4FY25 earnings call, describing it as a 'dark cloud on the horizon" and cautioning about production risks as early as next month if the issue isn't resolved. Although a formal process is now in place to certify that these materials won't be diverted for military use, the fate of shipments from China remains uncertain. Location : New Delhi, India, India First Published: June 02, 2025, 13:12 IST News business » markets Explained: How China's Rare Earth Magnet Export Curbs Could Hit India's Bajaj Auto, TVS Motor
