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Hindustan Times
5 days ago
- Business
- Hindustan Times
After 125% tariffs, tit-for-tat moves: Why Trump announced 90-day pause on China duties
In a policy shift, US President Donald Trump on Monday announced a postponement of the planned hike in tariffs on Chinese goods, just hours before the trade truce between Washington and Beijing was set to end. Chinese President Xi Jinping at the Kremlin in Moscow on May 8, 2025 and US President Donald Trump at US Steel - Irvin Works in West Mifflin, Pennsylvania, May 30, 2025. (AFP) The White House's halt on steeper tariffs will be in place until November 10. "I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days," Donald Trump wrote on his Truth Social platform. Earlier this year, Washington and Beijing imposed increasingly steep tariffs on each other's goods, pushing them to crippling triple-digit rates and disrupting trade. However, in May, both sides agreed to scale them back temporarily. So, why did Donald Trump change his mind? In the executive order posted Monday to its website, the White House reiterated its position that there are 'large and persistent annual US goods trade deficits' and they 'constitute an unusual and extraordinary threat to the national security and economy of the United States.' The order acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to 'take significant steps toward remedying' the US complaints, news agency AFP reported. Here's the timeline on the development of US-China trade war this year: January 21: A day after taking office, Donald Trump threatened 10% penalty on Chinese imports, citing fentanyl flowing from China. February 1: Trump imposed 0% on goods from China along with 25% on Mexico and Canada, demanding they curb the flow of fentanyl and illegal immigrants into the US. February 4: In a tit-for-tat move, China responded with a wide range of measures targeting US businesses, including Google, farm equipment makers and the owner of fashion brand Calvin Klein. Beijing also slapped levies of 15% on imports of US coal and LNG and 10% for crude oil and some autos, beginning February 10. It also restricted exports of five metals used in defence, clean energy and other industries. March 3: The US doubled fentanyl-related tariffs on all Chinese imports, increasing levies to 20%, effective March 4. March 4: China hit back with 10-15% retaliatory levies on US agriculture exports, affecting about $21 billion in US exports. Beijing also imposed export and investment curbs on 25 US firms, on grounds of national security and banned imports of genetic sequencers from US medical equipment maker Illumina. April 2: Trump escalated global trade friction with sweeping "liberation day" tariffs, announcing a baseline 10% across all imports and significantly higher duties on some countries. Trump levies 34% on all Chinese goods, took effect on April 9. The Trump administration also decided to end duty-free access for low-value shipments from China and Hong Kong, known as "de minimis" exemptions, from May 2. April 4: China announced retaliatory tariffs of 34% on all US imports from April 10 and export curbs on some rare earths. It imposed restrictions on about 30 US organisations, mostly in defence-related industries. Beijing also suspended sorghum, poultry and bone meal shipments from some US firms. April 8: The US raised tariff on all Chinese imports to 84% from 34%. April 9: China raised its levies on US imports to 84% too, and added 12 US companies to a control list that prohibits exports of dual-use items and another six to its "unreliable entities" list, which allows Beijing to take punitive actions against foreign entities. The US further hiked tariffs on Chinese imports to 125% from 84%. China later on the day issued risk warnings to its citizens against travelling to the US. April 10: China announced it would immediately restrict imports of Hollywood films. April 11: China also raised levies on imports of US goods to 125%, dismissing the Trump tariff strategy as 'a joke' and indicated it will ignore any further US 'numbers game with tariffs'. May 10-12: Beijing and Washington held high-stakes trade talks over the weekend in Geneva. Both sides released a joint statement agreeing to a 90-day pause on their steep tariffs. The temporary truce meant US tariffs on China would fall to 30% from 145%, while China tariffs on the US drop to 10% from 125%. China also committed to removing non-tariff countermeasures imposed against the United States since April 2. May 28-29: The US said will start "aggressively" revoking visas of Chinese students. It also ordered a broad swathe of companies to stop shipping goods covering semiconductors, design software and aviation equipment to China. June 5: Chinese President Xi Jinping and Trump held an hour-long phone call. June 9-10: The US and China held a new round of trade talks in London and reach a framework agreement. July 6: Trump threatened an additional 10% tariff on countries he said were aligning themselves with the "Anti-American policies" of BRICS, which includes China. July 28-29: The US and Chinese officials agreed to seek an extension of their 90-day tariff truce after two days of talks in Stockholm. Both sides described the talks as constructive, but no major breakthroughs were announced. August 8: The US started issuing licenses to Nvidia to export its H20 chips to China. August 11: The US and China extended their tariff truce for another 90 days. (With inputs from agencies)
Asahi Shimbun
16-06-2025
- Business
- Asahi Shimbun
Nippon Steel shares rise after Trump approves $14.9 billion US Steel bid
U.S. President Donald Trump looks on during a visit at U.S. Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, on May 30. (REUTERS) Nippon Steel shares rose on Monday after U.S. President Donald Trump approved its $14.9 billion bid for US Steel, clearing a key hurdle in its 18-month pursuit and securing access to a vital market for its growth strategy. The approval capped a tumultuous process marked by union resistance and two national security reviews. Shares of Nippon, the world's fourth-largest steelmaker, gained 3% to 2,915 yen by the mid-day break after being untraded with a glut of buy orders earlier in the day. They outperformed Tokyo's benchmark Nikkei 225 index, which was up about 1%. On Friday, Trump signed an executive order allowing the tie-up to proceed, contingent on an agreement with the Treasury Department addressing national security concerns. The companies then announced they had signed the agreement, effectively clearing the deal. The agreement includes $11 billion in new investments by 2028, along with commitments on governance, production and trade. Nippon Steel also confirmed plans to acquire 100% of U.S. Steel's ordinary shares. 'Investors have welcomed the resolution of uncertainty surrounding the deal,' said Shinichiro Ozaki, senior analyst at Daiwa Securities. 'Overall, the agreement appears relatively reasonable in both investment size and timeframe,' he said, noting the acquisition is central to Nippon Steel's medium- to long-term growth strategy. The deal would boost Nippon Steel's annual production capacity to 86 million metric tons from 63 million tons. 'Shares rose on long-term growth expectations, driven by preferential access to the U.S. market, where steel demand is expected to increase,' said Masayuki Kubota, chief strategist at Rakuten Securities. Still, some investors remain concerned about near-term financial strain from the sizable investments. Also, the U.S. government's ownership in the combined company, known as the 'golden share,' has raised questions of the degree of control it can exert. 'While the risk of a capital increase hasn't completely receded, it may be less severe than expected,' Ozaki said, referring to Trump's earlier comment that the steelmaker plans to invest $14 billion in the next 14 months. Ozaki downplayed management risk linked to the golden share, saying 'Nippon Steel anticipates growth in the U.S. market for high-end products, making production cuts and job reductions unlikely.'
Toronto Sun
04-06-2025
- Business
- Toronto Sun
Trump's 50% steel and aluminum tariffs go into effect
Published Jun 04, 2025 • 1 minute read President Donald Trump arrives to speak during a visit to US Steel - Irvin Works in West Mifflin, Pennsylvania, May 30, 2025, to mark the 'partnership' between Nippon Steel and US Steel. Photo by SAUL LOEB / AFP via Getty Images WASHINGTON — Tariffs on imports of steel and aluminum to the United States are increasing to 50% today after President Donald Trump followed through on his plan to double the duties. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Trump signed an executive order Tuesday to increase the levies from their previous rate of 25%, saying it was necessary to protect national security and industries in the United States. Prime Minister Mark Carney says the tariffs are both unlawful and unjustified and that Canada is intensively negotiating with the U.S. to have tariffs removed under a new economic and security deal. The latest steel and aluminum increase doesn't apply to imports from the United Kingdom, which remain at 25% while the Trump administration works out details of a trade deal announced last month. About a quarter of all steel used in the United States is imported and Canada is its largest supplier. The Canadian steel and aluminum industries say doubling the tariffs will have a devastating impact while economists warn the higher tariffs could also lead to cost increases for Americans. Columnists Sunshine Girls Crime Columnists Sunshine Girls
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First Post
02-06-2025
- Business
- First Post
Trump to double steel tariffs from June 4: How India could lose billions
Donald Trump's tariff wars continue. He has announced that the US would be doubling tariffs on steel and aluminium imports to 50 per cent, starting June 4. This move could significantly hurt India — it exports steel worth $4.56 billion. Moreover, it could complicate the ongoing trade agreement talks between New Delhi-Washington read more US President Donald Trump walks as workers react at US Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, US. Reuters Donald Trump is often referred to as the 'tariff man' and he is certainly living up to that name. He has fired a fresh shot in the global trade war, announcing that he would be doubling US tariffs on steel and aluminium imports to 50 per cent starting June 4. Addressing a rally at a US steel plant in West Mifflin, Pennsylvania, Trump last Friday said that the sharp hike in tariffs on steel from 25 per cent to 50 per cent will 'even further secure the steel industry in the United States'. 'Nobody's going to get around that,' he said. STORY CONTINUES BELOW THIS AD The move has drawn the ire of the European Union whereas Indian exporters have said that this makes the existing trade talks between the two countries 'much more difficult and complicated'. As we await the tariff to kick in, on Wednesday (June 4), we take a closer look at just how this move will hurt India — and by how much. Trump's new tariffs on steel and aluminium Last Friday, US President Donald Trump addressing workers at a US Steel plant in Pennsylvania announced that he would be doubling steel and aluminium import tariffs to 50 per cent , in a move aimed at protecting domestic industries. 'We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America,' said Trump to steel workers, adding, 'Nobody's going to get around that.' Shortly after, Trump wrote in a Truth Social post that the elevated rate would also apply to aluminium, with the new tariffs 'effective Wednesday, June 4th'. President Donald Trump speaks at US Steel Corporation's Mon Valley Works-Irvin plant on Friday in West Mifflin. He announced that the US would be doubling tariffs on steel and aluminium tariffs from 25 per cent to 50 per cent. AP He also wrote in his social media post, 'Our steel and aluminium industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminium workers.' He then said: 'We don't want America's future to be built with shoddy steel from Shanghai — we want it built with the strength and the pride of Pittsburgh!' STORY CONTINUES BELOW THIS AD Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have rocked the world trade order and roiled financial markets. In fact, this increased tax falls on the heels of a similar increase earlier this year, when Trump raised tariffs on aluminium and steel to 25 per cent. Experts Speak While Trump and his supporters have lauded the move, saying it would benefit the domestic steel industry, experts aren't so sure. Felix Tintelnot, professor of economics at Duke University, told TIME that these tariffs will be coinciding with struggles in other US industries as a result of the increase. 'So, this is expected to raise the price of aluminium, which is important in inputs for downstream industries like the automotive industry, as well as construction, so there's sort of a distributional conflict here,' Tintelnot warned. 'Yes, it does help the domestic steel sector, but [it's] hurting these other sectors of the economy, and they are already hard hit by other tariffs.' The US imported around 28 million tonnes of steel in 2024. File image/Reuters Wayne Winegarden, a senior fellow at the Pacific Research Institute, also agreed with this situation, noting that the tariffs are 'working against themselves" and that consumers can expect prices to increase. '[Trump is] making it more expensive for domestic auto manufacturers to produce here,' he told TIME. 'It's an economically inconsistent, illiterate policy that seems to be hiding under the national security justifications.' STORY CONTINUES BELOW THIS AD Canada , the European Union and other countries, who are the US' top steel partners, have questioned the move, with the EU warning it was 'prepared' to retaliate against the latest tariffs, adding the sudden move ' undermines ongoing efforts to reach a negotiated solution' between the bloc and the United States. Marty Warren, United Steelworkers national director for Canada, also slammed Trump's tariffs, saying, 'This isn't trade policy — it's a direct attack on Canadian industries and workers. 'Thousands of Canadian jobs are on the line and communities that rely on steel and aluminium are being put at risk. Canada needs to respond immediately and decisively to defend workers.' Impact on India Trump's now 50 per cent tariff on steel and aluminium will also have a huge impact on Indian metal exporters, with the Global Trade Research Initiative (GTRI) noting that it will impact Indian metal exports worth $4.56 billion. Speaking on the issue, GTRI noted that Washington is a huge destination for India's metal exports. In fact, in FY2025, India exported $4.56 billion worth of iron, steel, and aluminium products to the US. Giving a further breakup, the GTRI said that of the $4.56 billion steel exports, $587.5 million was in iron and steel, $3.1 billion in articles made of iron or steel and $860 million in aluminium related items. STORY CONTINUES BELOW THIS AD For India, the consequences of Trump's steel tariff hike are direct, the Global Trade Research Initiative (GTRI) said. Representational image/Reuters However, with Trump imposing a 50 per cent tariff, these items will become more expensive, making it hard for them to be competitive in the global market. Others also noted that it brings in uncertainty and fear, which isn't conducive to business. Pankaj Chadha, chairman of the Engineering Export Promotion Council, was quoted as telling The Telegraph, 'The biggest hit will be on engineering exports. How does business operate amid such uncertainties? And this is not a bark, but a bite.' Moreover, Ajay Sahai, director-general and CEO of the Federation of Indian Export Organisations (Fieo), called the development 'extremely disturbing', warning that both Indian exporters and American importers would suffer significant losses. But the impact of these tariffs go beyond just the economics of it all. It makes the current negotiations between India and US on the bilateral trade agreement complicated. Pankaj Chadha of (EEPC) India told The Indian Express, 'It's unfortunate that, while bilateral trade agreement (BTA) negotiations are ongoing, such unilateral tariff hikes are being introduced. It only makes the work of negotiators much more difficult and complicated. This will definitely impact engineering exports, which currently stand at around $5 billion under this category.' STORY CONTINUES BELOW THIS AD In fact, India issued a formal notice at the World Trade Organization (WTO) signalling its intention to impose retaliatory tariffs on US goods. However, reports state that the US rejected New Delhi's notice, saying its actions were not safeguard measures, which is why it would not hold any discussion with New Delhi on the matter. And the stock market is already feeling the effects of Trump's steel-aluminium tariffs. Shares of metal firms like JSW Steel, Tata Steel, Jindal Steel, SAIL and others declined on Monday (June 2). And as a result of this, India's Sensex saw an overall drop of 700 points, while the Nifty dropped 200 points. With inputs from agencies
GMA Network
01-06-2025
- Business
- GMA Network
Trump says he plans to double steel, aluminum tariffs to 50%
US President Donald Trump visits US Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, US, May 30, 2025. REUTERS/Leah Millis WEST MIFFLIN, Pennsylvania - US President Donald Trump said on Friday 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. 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. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and U.S. Steel. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. He 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 announcement drew harsh reactions from US trading partners around the world. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "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. Canada's United Steelworkers union called the move a direct attack on Canadian industries and workers. The European Commission said on Saturday that Europe is prepared to retaliate. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," a European Commission spokesperson said. "The EU is prepared to impose countermeasures, including in response to the latest US tariff increase." Australia's center-left government also condemned the tariff increase, with Trade Minister Don Farrell calling it "unjustified and not the act of a friend." 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 US 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. —Reuters
