Trump tells US steelworkers he's going to double tariffs on foreign steel to 50%
WEST MIFFLIN, Pa, May 31, (AP): US President Donald Trump on Friday told Pennsylvania steelworkers he's doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he added that aluminum tariffs would also be doubled to 50%. He said both tariff hikes would go into effect Wednesday.
Trump spoke at US Steel's Mon Valley Works-Irvin Plant in suburban Pittsburgh, where he also discussed a details-to-come deal under which Japan's Nippon Steel will invest in the iconic American steelmaker. Trump told reporters after he arrived back in Washington that he still has to approve the deal. "I have to approve the final deal with Nippon and we haven't seen that final deal yet, but they've made a very big commitment and it's a very big investment,' he said.
Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based US Steel, he reversed course and announced an agreement last week for "partial ownership' by Nippon. It's unclear, though, if the deal his administration helped broker has been finalized or how ownership would be structured.
Nippon Steel has never said it is backing off its bid to outright buy and control US Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in US Steel plants and gave guarantees that it wouldn't lay off workers or close plants as it sought federal approval of the acquisition. "We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,' Trump said as he opened an event at one of US Steel's warehouses.
"You're going to stay an American company, you know that, right?' As for the tariffs, Trump said doubling the levies on imported steel "will even further secure the steel industry in the US.' But such a dramatic increase could push prices even higher. Steel prices have climbed 16% since Trump became president in mid-January, according to the government's Producer Price Index.
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