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Express Tribune
a day ago
- Business
- Express Tribune
Trump to double US steel, aluminum tariffs to 50%
U.S. President Donald Trump walks as workers react at U.S. Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, U.S., May 30, 2025. PHOTO: REUTERS Listen to article US President Donald Trump said he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel . He said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. The US president later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminum levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." TRUMP PROTECTS AMERICAN STEEL 🇺🇸 "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50%—the tariffs on steel into the United States of America—which will even further secure the steel industry in the United States." –President Donald J. Trump 🇺🇸 — The White House (@WhiteHouse) May 30, 2025 "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolizes both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The U.S. is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50 billion in annual import value.
Yahoo
2 days ago
- Business
- Yahoo
Work underway on THREE big-name chains at Basildon's Festival Leisure Park
AN AMERICAN fast food chain famous for its 'legendary' wings has announced it is opening at Festival Leisure Park as work begins on site. Wingstop, which sells chicken wings across the world, will open in July in the former Frankie and Benny's and workers are already carrying out a renovation. It comes as work progresses rapidly to build new Costa and Wendy's drive-thru restaurants on the car park. Both coffee giant Costa and American burger chain Wendy's are due to open in Autumn, while Wingstop will open 'at the end of July'. Upgrades - Construction well underway on the Wendy's and Costa drive-thrus on the same site. (Image: Oliver Partridge) The three big name chains will join Cineworld, Hollywood Bowl, Slim Chicken, Nandos and more at the popular leisure park. Known for their signature chicken wings, the Wingstop plan is already generating a buzz among residents. Jake Critoph, a resident who was at the leisure park yesterday, said: 'I'm buzzing for this to open, there's only a few in like Lakeside, Chelmsford and I think Southend, so a closer one is great news.' Couple Alfie and Leah Turner also praised the latest addition to Festival Leisure. Alfie said: 'Wingstop sounds banging, we can't wait.' Change - The iconic Wingstop iconography slowly replacing the former Frankie & Bennies. (Image: Oliver Partridge) Lilian Eldridge and her daughter Daisy are frequent visitors to the cinema and looking forward to more food options. Lillian said: 'We come here a fair bit for the cinema, so more food options will be cool - but I don't think we've ever tried Wingstop.' With Wingstop joining other popular chicken restaurants like Slim Chicken and Nando's on the site, both Wingstop themselves and the Festival Leisure Park are promising to deliver a unique experience to visitors. Malachy O'Keeffe, head of marketing at Wingstop, said: 'We're bringing bold, unforgettable flavours to Festival Leisure Park this July, from our crave-worthy wings to our range of milkshakes, our menu is built for those who don't settle for ordinary. 'Get ready, flavour is on its way.' Matthew Chambers, centre manager at Festival Leisure Park, added: 'We're thrilled to announce Wingstop's upcoming arrival to Festival Leisure Park, it's set to be a must-visit on your trip to us this summer.'
Yahoo
23-05-2025
- Business
- Yahoo
Trump announces U.S. Steel, Nippon Steel 'planned partnership'
May 23 (UPI) -- President Donald Trump announced Friday afternoon that U.S. Steel and Nippon Steel will form a "planned partnership," keeping the American company's headquarters in Pittsburgh rather than in Japan. The Tokyo-based steelmaker's $14.9 billion bid to acquire its U.S. rival was blocked on national security grounds before President Joe Biden left office on Jan. 3. Politico described it as a purchase by Nippon Steel, and CNBC as a merger. U.S. Steel, which was founded in 1901, has about 22,000 employees with revenue of $15.6 billion in 2024. Nippon, which traces its roots to Japan Iron & Steel Co. in 1934, has about 113,640 workers with revenue of $43 billion in 2019. "I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," Trump posted on Truth Social. "For many years, the name, 'United States Steel' was synonymous with Greatness, and now, it will be again." He said the partnership will create at least 70,000 jobs and add $14 billion to the U.S. economy, with the bulk of the investment in the next 14 months. He gave no details on the partnership. "This is the largest Investment in the History of the Commonwealth of Pennsylvania," he wrote."My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA. From Pennsylvania to Arkansas, and from Minnesota to Indiana, AMERICAN MADE is BACK." He said he is planning "a BIG Rally" at U.S. Steel in Pittsburgh on May 30. Besides Pittsburgh, U.S. Steel has mills in Gary, Ind.; Ecorse, Mich.; and Granite City, Ill. "CONGRATULATIONS TO ALL!" he ended the post. U.S. Steel shares rose 21.9% to $52.01 at closing Friday on the New York Stock Exchange. Trump disclosed the news at 3:25 p.m., 35 minutes before closing. In April, Trump ordered a new review of the proposed acquisition, directing the Committee on Foreign Investment in the United States to determine "whether further action in this matter may be appropriate." CFIUS is made up of the departments of the Treasury and Justice and other critical agencies. Cleveland-Cliffs Inc., which lost out to Nippon in its bid to purchase U.S. Steel, has since purchased a Canadian steel producer. The deal was first announced in December 2023. In rejecting the purchase, Biden said: "This acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chain "It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this viral American company." On Feb. 11, Trump restored a 25% tariff on steel and increased the aluminum tariff from 10% to 25%. Argentina, Australia, Brazil, Canada, Japan, Mexico, South Korea, the European Union, Ukraine and Britain had received exemptions, "which prevented the tariffs from being effective," according to the order. "Foreign nations have been flooding the United States market with cheap steel and aluminum, often subsidized by their governments," Trump wrote. "The United States does not want to be in a position where it would be unable to meet demand for national defense and critical infrastructure in a national emergency." On April 2, Trump announced reciprocal tariffs on the worst trading partner offenders, including 24% against Japan, but one week later paused them for 90 days.
Economist
23-05-2025
- Business
- Economist
Trump's first term coincided with a MAGA baby boom. Will his second?
AS AMERICAN ELECTIONS grow ever more polarised, the line between the personal and political has blurred. Research has shown that following presidential elections, the victor's supporters become more innovative and entrepreneurial, and take more risks with their investments. A paper published in 2022 by Gordon Dahl of the University of California, San Diego and co-authors argued that Donald Trump's first presidential victory over Hillary Clinton appeared to affect even one of life's most consequential choices: whether or not to have children. From late 2016 to the end of 2018, fertility fell much less in Republican-voting areas than in Democratic-voting ones. Relative to expectations based on prior trends, the study said, this Trump bump and Clinton collapse shifted 1-2% of American births from blue counties to red ones.
Yahoo
18-05-2025
- Automotive
- Yahoo
'It's Real Y'all': People Are Sharing Their Tariff Receipts, And My Wallet Is Not Ready For What's Coming
WyzeCam WyzeCam GlytchTech qtcinderella qtcinderella qtcinderella Mellyfax FlyingDutchPall / Temu jrhp2016 krassenstein CoraCHarrington TrekEmonduh JudyRien Madisonwi / Getty Images/iStockphoto — Anonymous, 27 in the Midwest of the USA — missy90_ Chris Babcock / Getty Images — glitteryangel852 — Anonymous, 43, Denver — bravelegend578 "They want it to be the '50s so badly, and part of that mentality is 'BUY AMERICAN!' but we are SOOOOO far beyond that. It's nearly impossible to only buy American these days. Plus, we're all in such an economic shit-hole, we can't AFFORD to only 'buy American.' This is what we get for putting a nepo baby 'billionaire' in office, and him adding more billionaires to his cabinet. They have no idea how much things cost because they are so far removed from the American people.I'm afraid of having to raise my prices. It's either alienate buyers and increase costs, or take a major hit. This is all, pardon me, BULLSHIT." — maskedghost60 Monticelllo / Getty Images — Anonymous, 35, Iowa — gothikcowboy — Anonymous, 66, CT Anucha Sirivisansuwan / Getty Images — Anonymous, 41. Jacksonville, Florida
