Trump doubles tariffs on steel to 50%
(NewsNation) — During Friday's rally, President Trump announced an imminent 25% tariff increase on foreign steel entering the U.S., to 50% as a means to 'further secure the steel industry in the United States.'
Trump spoke in West Mifflin, Pennsylvania, following a 'blockbuster deal' allowing Japan-based company Nippon Steel to invest in U.S. Steel, a Pittsburgh-based company.
The president said it would bring in 'billions and billions of dollars' in steel equipment to the United States.
During the speech, Trump said all steel workers will keep their jobs, and all facilities in the U.S. 'will remain open and thriving.'
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In addition, every steel worker in the nation will receive a $5,000 bonus, the president added.
Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based U.S. Steel, he changed course and announced an agreement last week for what he described as 'partial ownership' by Nippon.
It was previously unclear if the deal was brokered by the Trump administration, but the president intimated he had great involvement in striking the accord.
'U.S. steel will continue to be controlled by the U.S.A. Otherwise, I wouldn't have done the deal, I wouldn't have done it,' Trump said.
Trump commended Japan for its positive working relationship with his administration across both terms.
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The president told the crowd, 'Tariff' is now his fourth favorite word in the dictionary behind God, Wife, and family.
He called Pittsburgh Steelers quarterback Mason Rudolph and linebacker Miles Killebrew to the stage, along with Steeler legend Rocky Bleier.
Trump was made an honorary Steeler by Bleier and presented with a Steelers jersey with 'Trump 47' on it.
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