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Scottish Sun
13 hours ago
- Business
- Scottish Sun
Trump doubles steel and aluminium tariffs and threatens China and its ‘shoddy' exports in latest trade war escalation
STEELY DON Trump doubles steel and aluminium tariffs and threatens China and its 'shoddy' exports in latest trade war escalation Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) DONALD Trump has announced he will double the tariffs on steel and aluminium imports to 50 per cent in his latest trade war escalation. It comes after the president's blistering global tariffs were reinstated by a federal appeals court - just a day after they were ruled illegal and sensationally blocked. Sign up for Scottish Sun newsletter Sign up 1 The US President held up a chart of the tariffs he was implementing Credit: AFP While addressing workers at a US Steel plant in Pennsylvania, Trump said: "We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America. "Nobody's going to get around that." Shortly after, Trump wrote in a Truth Social post that the elevated rate would also apply to aluminum, with the new tariffs "effective Wednesday, June 4th." Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have rocked the world trade order. But they became a brief legal setback earlier this week when a court ruled Trump had overstepped his authority. However, an appellate court on Thursday said the tariffs could continue while the litigation moves forward. The Court of Appeals released no official reasoning for the shifting decision. The reinstating of many of the sweeping taxes mean Trump can continue collecting tariffs under emergency powers law for the time being. Trump has always said he will appeal and take the fight all the way to the Supreme Court. Trump memorably held up a board showing rates he was about to set for individual trading partners in the White House's Rose Garden when he announced the tariffs as part of a "liberation day". China was clobbered with 34 per cent tariffs, Vietnam 46 per cent, Thailand 36 per cent and Cambodia 49 per cent. Tariffs on China were eventually increased to a whopping 145 per cent as Trump sought to begin negotiations. Washington and Beijing then signed a trade deal agreement, which Trump has now said was violated by China. More to follow... For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos. Like us on Facebook at TheSunUS and follow us on X at @TheUSSun
The Journal
13 hours ago
- Business
- The Journal
Trump says he's doubling the US tariff on steel to 50%
US PRESIDENT DONALD Trump has said that he is doubling the tariff rate on steel to 50%, a dramatic increase that could further push up prices for a metal used to make housing, cars and other goods. Trump spoke at US Steel's Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, to discuss investments by Japan's Nippon Steel. The price of steel products has increased roughly 16% since Trump became president, according to the government's producer price index. Trump said US Steel will stay an American company under a deal for Japan-based Nippon to invest in the steelmaker. Few details about the deal have been made public. '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 near Pittsburgh. 'You're going to stay an American company, you know that, right?' Trump said doubling the tariffs on imported steel 'will even further secure the steel industry in the US'. But such a dramatic increase could push prices even higher. Advertisement Employees, Trump supporters, local officials and others filled one of the massive warehouses on the grounds of the Irvin finishing plant to hear Trump. Donald Trump speaks to steel workers in Pennsylvania Alamy Stock Photo Alamy Stock Photo Giant American flags hung from the ceiling and a sign read, 'The Golden Age'. Steelworkers in orange hard hats and work clothes milled about, and part of the warehouse's cement floor was packed with huge rolled coils of shiny steel sheet produced at the plant and used for appliances, doors and other applications. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based US Steel, he changed course and announced an agreement last week for what he described as 'partial ownership' by Nippon. It is not clear, though, if the deal his administration helped broker has been finalised or how ownership would be structured. Trump stressed the deal would maintain American control of the company, which is seen as both a political symbol and an important matter for the country's supply chain, industries like car manufacturing and national security. Trump, who has been eager to strike deals and announce new investments in the US since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect US manufacturing. US Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms of the arrangement.
Scottish Sun
3 days ago
- Business
- Scottish Sun
Trump's Liberation Day tariffs at risk after court scuttles Don's trade plans… but the White House vows to fight back
DONALD Trump's sweeping global tariffs are now at risk after a court has said he doesn't have the power to impose the levies himself. A US federal court in New York on Wednesday blocked most of the import taxes from going into effect, ruling that the president had overstepped his authority. 4 The US President held up a chart of the tariffs he was implementing Credit: AFP 4 Trump's tariffs caused a sharp response in Canada Credit: Reuters 4 Tariffs are levies paid on bringing a good or service into a country Credit: Getty The Court of International Trade ruling is a big setback for Trump, who has sought to reshape global trade and put America first by using its economic heft to cut deals. Trump has started a global trade war with nearly every country by instituting a minimum 10 per tariff on their exports into the US. He also slapped a 25 per cent tariff on Mexico and Canada, saying he needed to levies to stop the flow of illegal immigrants and the horror drug Fentanyl. The court's order could spell an end to Trump's international trade war as it bars Trump's most sweeping tariffs, effectively erasing most of the trade restrictions Trump has announced since taking office. But Trump is likely to appeal and take the fight all the way to the Supreme Court. White House spokesman Kush Desai said: "Foreign countries' nonreciprocal treatment of the Unites States has fueled America's historic and persistent trade deficits. "These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base – facts that the court did not dispute. "It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness." The ruling does not state that tariffs themselves are illegal, but that the executive branch does not have the authority to impose them without Congress. The president used a 1977 federal economic emergency law to justify a range of levies. Trump's Liberation Day Tariffs signed in on Executive Order The three-judge panel wrote in an unsigned opinion: "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ("IEEPA") delegates these powers to the president in the form of authority to impose unlimited tariffs on goods from nearly every country in the world. "The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder." One of Trump's key aides, Stephen Miller, attacked the ruling in a post on social media saying: "The judicial coup is out of control." Trump memorably held up a board showing rates he was about to set individual trading partners in the White House's Rose Garden when he announced the tariffs as part of a "liberation day". China was clobbered with 34 per cent tariffs, Vietnam 46 per cent, Thailand 36 per cent and Cambodia 49 per cent. Tariffs on China were eventually increased to a whopping 145 per cent as Trump sought to begin negotiations. The ten per cent on Britain was at the bottom of the sliding scale devised by Trump's officials. Markets were thrown into turmoil but calmed after he paused the larger tariffs for 90 days. He also suspended some of the higher duties pending negotiations with individual countries and blocs. Britain has signed a new trade deal with Trump following the imposition of the tariffs - how that will be affected is not yet clear.
The Irish Sun
3 days ago
- Business
- The Irish Sun
Trump's Liberation Day tariffs at risk after court scuttles Don's trade plans… but the White House vows to fight back
DONALD Trump's sweeping global tariffs are now at risk after a court has said he doesn't have the power to impose the levies himself. A US federal court in New York on Wednesday blocked most of the import taxes from going into effect, ruling that the president had overstepped his authority. 4 The US President held up a chart of the tariffs he was implementing Credit: AFP 4 Trump's tariffs caused a sharp response in Canada Credit: Reuters 4 Tariffs are levies paid on bringing a good or service into a country Credit: Getty The Court of International Trade ruling is a big setback for Trump, who has sought to reshape global trade and put America first by using its economic heft to cut deals. Trump has started a global trade war with nearly every country by instituting a minimum 10 per tariff on their exports into the US. He also slapped a 25 per cent tariff on Mexico and Canada, saying he needed to levies to stop the flow of illegal immigrants and the horror drug Fentanyl. The court's order could spell an end to Trump's international trade war as it bars Trump's most sweeping tariffs, effectively erasing most of the trade restrictions Trump has announced since taking office. But Trump is likely to appeal and take the fight all the way to the Supreme Court. White House spokesman Kush Desai said: "Foreign countries' nonreciprocal treatment of the Unites States has fueled America's historic and persistent trade deficits. "These deficits have created a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base – facts that the court did not dispute. "It is not for unelected judges to decide how to properly address a national emergency. President Trump pledged to put America First, and the Administration is committed to using every lever of executive power to address this crisis and restore American Greatness." Most read in The US Sun The ruling does not state that tariffs themselves are illegal, but that the executive branch does not have the authority to impose them without Congress. The president used a 1977 federal economic emergency law to justify a range of levies. Trump's Liberation Day Tariffs signed in on Executive Order The three-judge panel wrote in an unsigned opinion: "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ("IEEPA") delegates these powers to the president in the form of authority to impose unlimited tariffs on goods from nearly every country in the world. "The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder." One of Trump's key aides, Stephen Miller, attacked the ruling in a post on social media saying: "The judicial coup is out of control." Trump memorably held up a board showing rates he was about to set individual trading partners in the White House's Rose Garden when he announced the tariffs as part of a "liberation day". China was clobbered with 34 per cent tariffs, Vietnam 46 per cent, Thailand 36 per cent and Cambodia 49 per cent. Tariffs on China were eventually increased to a The ten per cent on Britain was at the bottom of the sliding scale devised by Trump's officials. Markets were thrown into turmoil but calmed after he paused the larger tariffs for 90 days. Read more on the Irish Sun He also suspended some of the higher duties pending negotiations with individual countries and blocs. Britain has signed a new trade deal with Trump following the imposition of the tariffs - how that will be affected is not yet clear. 4 US and Chinese representatives at trade talks Credit: Reuters
Business Times
4 days ago
- Business
- Business Times
Big Tech is a target if 50% EU tariff threat stays
DONALD Trump has delayed his 50 per cent tariffs on the European Union just days after first threatening them. Perhaps by breakfast, he'll have changed his mind again. We're seeing the limits of the madman negotiating strategy: The longer it lasts, the more it has the effect of crying wolf. Financial markets are reacting somewhat soberly and looking past the bluster. Europeans should do the same and avoid the trap of giving in to a bully – however dominant and well-armed he may be. Just as the EU had to keep calm and carry on negotiating when Trump was threatening 20 per cent blanket tariffs – and likewise when he hit pause for 90 days in the face of financial-market turmoil – so it must continue when facing a raised hammer like a 50 per cent tariff. Yes, the economic impact of such a doomsday scenario would be big: Total exports to the US would fall by half, according to Bloomberg Economics, which would be brutal for a Germany facing another year of zero growth. Yet, US GDP would also fall by over 2 per cent and prices would rise over 1 per cent, making it unlikely they would stay in place long – one reason why last week's stock-market sell-off was relatively contained. The point is not to assume Trump's bluffing – rather that he's opting for cheap pressure tactics rather than costly trade breakage as the likes of Jamie Dimon warn of stagflation. Better to hope for the best, prepare for the worst and keep offering avenues for de-escalation – as seen in Ursula von der Leyen's successful bid for more time. The alternative of giving in to US demands would be to surrender on an industrial scale: The EU would be dropping basic taxation and food standards just because the MAGA (Make America Great Again) ideology considers them tariffs. Sacrificing one trillion euros (S$1.5 trillion) in annual revenue from value-added tax would leave the EU angrier, poorer and less able to defend itself against Russia. European politicians have elections to win, too. And while the EU should keep offering carrots – such as less free-riding of Nato defence, a more assertive stance on China's trade surplus and more buying of US goods – it should also make clear sticks are an option if this 50 per cent threat stays. This means picking battles and avoiding a tit-for-tat tariff war that can't be won. Given the EU exports US$236 billion more goods such as Volkswagen cars or LVMH handbags than it imports, a standoff in this area would ultimately give America the last word. Instead, the EU needs to be clear that it is ready to target US services including Big Tech; for companies like Meta Platforms or Alphabet, the Europe region accounts for 20 to 30 per cent of revenue. 'At the moment, we strongly protect US tech companies … That can be changed,' warned German Chancellor Friedrich Merz on Monday (May 26). Finally, there's the elephant in the room: whether the EU can actually wake up and be the solution to its own problems in a world where growth is weakening and debt is surging. Trump's tweets point to an increasingly hostile and mercantilist world for the soft-power bloc that depends on a lot of outside partners for its prosperity. That will require a concerted domestic effort to unlock growth from within the single market. It's possible: BNP Paribas economists estimate that every 10 per cent drop in exports to the US can be offset with just 1 per cent more intra-EU trade. Yet it will need more reform efforts, more trade with neighbours such as the UK and a shift in spending in thrifty countries like Germany. This is why Trump, ironically, is doing Europe a favour with every all-caps trade ultimatum that chips away at sentiment and delays investment. The next 40 days will fundamentally push the EU to get its act together – from defending Ukraine to knocking down domestic barriers to growth – and not just patiently negotiate tariff carve-outs. As former secretary of state Antony Blinken recently told French newspaper Le Figaro: 'President Trump respects strength, and when he looks at Europe, strength is not what he sees.' BLOOMBERG
