Latest news with #Nippon
Kuwait Times
9 hours ago
- Business
- Kuwait Times
Trump to double steel, aluminum tariffs to 50%
WEST MIFFLIN: US President Donald Trump said that he would double steel and aluminum import tariffs to 50 percent from next week, the latest salvo in his trade wars aimed at protecting domestic industries. 'We're going to bring it from 25 percent to 50 percent, the tariffs on steel into the United States of America,' he said while addressing workers at a US Steel plant in Pennsylvania. 'Nobody's going to get around that,' he added in the speech before blue-collar workers in the battleground state that helped deliver his election victory last year. 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.' 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. The tariffs had seen a brief legal setback earlier this week when a court ruled Trump had overstepped his authority, but an appellate court on Thursday said the tariffs could continue while the litigation moves forward. Trump has also issued sector-specific levies that affect goods such as automobiles. On Friday, he defended his trade policies, arguing that tariffs helped protect US industry. He added that the steel facility he was speaking in would not exist if he had not also imposed duties on metals imports during his first administration. 'Devil in the details' On Friday, Trump touted a planned partnership between US Steel and Japan's Nippon Steel, but offered few new details on a deal that earlier faced bipartisan opposition. He stressed that despite a recently announced planned partnership between the American steelmaker and Nippon Steel, 'US Steel will continue to be controlled by the USA.' He added that there would be no layoffs or outsourcing of jobs by the company. Upon returning to Washington late Friday, Trump told reporters he had yet 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,' Trump said. Last week, Trump said that US Steel would remain in America with its headquarters to stay in Pittsburgh, adding that the arrangement with Nippon would create at least 70,000 jobs and add $14 billion to the US economy. Trump in Pennsylvania said that as part of its commitment, Nippon would invest $2.2 billion to boost steel production in the Mon Valley Works-Irvin plant where he was speaking. Another $7 billion would go towards modernizing steel mills, expanding ore mining and building facilities in places including Indiana and Minnesota. A proposed $14.9 billion sale of US Steel to Nippon Steel had previously drawn political opposition from both sides of the aisle. Former president Joe Biden blocked the deal on national security grounds shortly before leaving office. There remain lingering concerns over the new partnership. The United Steelworkers union (USW) which represents thousands of hourly workers at US Steel facilities said after Trump's speech that it had not participated in discussions involving Nippon Steel and the Trump administration, 'nor were we consulted.' 'We cannot speculate about the meaning of the 'planned partnership,'' said USW International President David McCall in a statement. 'Whatever the deal structure, our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work,' McCall said. 'The devil is always in the details,' he added. Trump had opposed Nippon Steel's takeover plan while on the election campaign trail. But since returning to the presidency, he signaled that he would be open to some form of investment after all. — AFP
Gulf Today
12 hours ago
- Business
- Gulf Today
Trump says will double steel and aluminium tariffs to 50 per cent
US President Donald Trump's announcement that he would double steel and aluminium import tariffs to 50 per cent from next week drew ire from the European Union Saturday in the latest salvo in his trade wars aimed at protecting domestic industries. The EU warned 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. 'We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America,' Trump said Friday while addressing workers at a US Steel plant in Pennsylvania. 'Nobody's going to get around that,' he added in the speech before blue-collar workers in the battleground state that helped deliver his election victory last year. 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.' 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. The tariffs had seen a brief legal setback earlier this week when a court ruled Trump had overstepped his authority, but an appellate court on Thursday said the tariffs could continue while the litigation moves forward. Trump has also issued sector-specific levies that affect goods such as automobiles. On Friday, he defended his trade policies, arguing that tariffs helped protect US industry. He added that the steel facility he was speaking in would not exist if he had not also imposed duties on metals imports during his first administration. On Friday, Trump touted a planned partnership between US Steel and Japan's Nippon Steel, but offered few new details on a deal that earlier faced bipartisan opposition. He stressed that despite a recently announced planned partnership between the American steelmaker and Nippon Steel, 'US Steel will continue to be controlled by the USA.' He added that there would be no layoffs or outsourcing of jobs by the company. Upon returning to Washington late Friday, Trump told reporters he had yet 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,' Trump said. Last week, Trump said that US Steel would remain in America with its headquarters to stay in Pittsburgh, adding that the arrangement with Nippon would create at least 70,000 jobs and add $14 billion to the US economy. Trump in Pennsylvania said that as part of its commitment, Nippon would invest $2.2 billion to boost steel production in the Mon Valley Works-Irvin plant where he was speaking. Another $7 billion would go towards modernizing steel mills, expanding ore mining and building facilities in places including Indiana and Minnesota. A proposed $14.9 billion sale of US Steel to Nippon Steel had previously drawn political opposition from both sides of the aisle. Former president Joe Biden blocked the deal on national security grounds shortly before leaving office. There remain lingering concerns over the new partnership. The United Steelworkers union (USW) which represents thousands of hourly workers at US Steel facilities said after Trump's speech that it had not participated in discussions involving Nippon Steel and the Trump administration, 'nor were we consulted.' 'We cannot speculate about the meaning of the 'planned partnership,'' said USW International President David McCall in a statement. 'Whatever the deal structure, our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work,' McCall said. 'The devil is always in the details,' he added. Trump had opposed Nippon Steel's takeover plan while on the election campaign trail. But since returning to the presidency, he signaled that he would be open to some form of investment after all. The European Commission said on Saturday that it 'strongly' regrets an announced increase of US tariffs on steel imports and that the EU is prepared to impose countermeasures. 'We strongly regret the announced increase of U.S. tariffs on steel imports from 25% to 50%,' a European Commission spokesperson said in an emailed statement. 'This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic,' the spokesperson said, adding that 'the tariff increase also undermines ongoing efforts to reach a negotiated solution'. Agencies
CBS News
a day ago
- Business
- CBS News
Mon Valley leaders optimistic about U.S. Steel's future following Trump rally
Mon Valley leaders are sharing optimism about the future of U.S. Steel after President Trump's rally at the Mon Valley Works Irvin Plant in West Mifflin. Mr. Trump celebrated what he calls a partnership between U.S. Steel and Japan-based Nippon on Friday, sharing details about commitments in the partnership and increased tariffs on imported steel. Mr. Trump also announced that his administration will be raising tariffs on imported steel from 25% to 50%. "What this tariff is going to mean for these jobs here in Pittsburgh, Gary, Indiana, and Minnesota, we're back, we're back, and we're back with a vengeance," said West Mifflin Mayor Chris Kelly. "These steel workers deserve this." He called the tariff announcement unexpected. "Tariffs being put on China will stop them from dumping steel at a lower cost, and it will be cheaper to buy American steel here," Kelly said. Combined with the Nippon partnership, Mr. Trump says the tariffs will help U.S. Steel. At the rally, he revealed the partnership will include a commitment to maintain blast furnaces at full capacity for a decade, there would be no layoffs, and $2.2 billion would be invested in the Mon Valley." "With the technology Nippon is bringing in, we will make [steel] faster, we'll make it better, we'll make it stronger," Kelly said. He spoke with Nippon and U.S. Steel executives after the rally, he said. "I asked specifically, Mr. Mori and Mr. Burrit: Are we good? Did we get everything we want? And the answer was yes, plus some," Kelly said. Nippon executives have been in his office countless times over the past year. He says Nippon will be a good partner for U.S. Steel. "Honor in Japan is their lifeline. Everything they do is about honor and commitment," Kelly said. "They're a soft-spoken group."
Yahoo
a day ago
- Business
- Yahoo
Trump announces 50% steel tariffs and hails ‘blockbuster' deal with Japan
Donald Trump announced on Friday he was doubling foreign tariffs on steel imports to 50%, as the president celebrated a 'blockbuster' agreement for Japan-based Nippon Steel to invest in US Steel during a rally in Pennsylvania. Surrounded by men in orange hardhats at a US Steel plant in West Mifflin, Trump unveiled the new levies, declaring that the dramatic rate increase would 'even further secure the steel industry in the United States'. 'Nobody is going to get around that,' Trump said of the tariff rate hike from what was 25%. In a social media post after the conclusion of his remarks, Trump announced that the 50% tariffs on steel would also apply to imported aluminum and would take effect on 4 June. Related: Trump says he fired National Portrait Gallery chief in latest conflict with arts 'This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers,' he declared in the post. It was not immediately clear how the announcement would affect the trade deal negotiated earlier this month that saw tariffs on UK steel and aluminum reduced to zero. Trump's Friday announcement came a day after a federal appeals court temporarily allowed his tariffs to remain in effect, staying a decision by a US trade court that blocked the president from imposing the duties. The trade court ruling, however, does not impede the president's ability to unilaterally raise tariffs on steel imports, an authority granted under a national security provision called section 232 of the Trade Expansion Act. The precise relationship between Nippon Steel and US Steel raised questions on Friday, even for some of Trump's allies. The president has thrown his full support behind the deal, months after insisting he was 'totally against' a $14.9bn bid by Nippon Steel for its US rival. The United Steelworkers union had previously urged Trump to reject Nippon's bid, dismissing the Japanese firm's commitments to invest in the US as 'flashy promises' and claiming it was 'simply seeking to undercut our domestic industry from the inside'. Speaking to steelworkers, Trump insisted that US Steel would 'stay an American company' after what he is now calling 'a partnership' with Nippon. But US Steel's website links to a standalone site with the combined branding of the two companies that features a statement describing the transaction as 'US Steel's agreement to be acquired by NSC'. On the website touting the deal, there were also multiple references to 'Nippon Steel's acquisition of US Steel' and the 'potential sale of US Steel to Nippon Steel'. Even pro-Trump commentators on Fox expressed bafflement over the exact nature of the deal. 'This is being described as 'a partnership', this deal between Nippon and US Steel – but then it's described as an acquisition on the US Steel website,' Fox host Laura Ingraham pointed out on her Friday-night show. She asked a guest from another pro-Trump outlet, Breitbart: 'Who owns the majority stake in this company?' When the guest said he did not know, Ingraham suggested Trump might not be aware of the details. 'I don't know if he was fully informed about the terms of the deal. We just don't know.' Trump's predecessor, Joe Biden, had blocked Nippon's acquisition, citing national security concerns, during his final weeks in office. During his remarks at the rally, Trump gloated that the Nippon investment would once again make the American steelmaker 'synonymous with greatness'. He said protections were included to 'ensure that all steel workers will keep their jobs and all facilities in the United States will remain open and thriving' and said Nippon had committed to maintaining all of US Steel's currently operating blast furnaces for the next decade. The president also promised that every US steel worker would soon receive a $5,000 bonus – prompting the crowd to start a round of 'U-S-A!' chants. Trump told the steelworkers in attendance that there was 'a lot of money coming your way'. 'We won't be able to call this section a rust belt any more,' Trump said. 'It'll be a golden belt.' During the event, Trump invited local members of United Steelworkers on to the stage to promote the Nippon deal, which saw its leader break with the union to support it. Praising the president, Jason Zugai, vice-president of Irvin local 2227, said he believed the investments would be 'life-changing'. But the powerful United Steelworkers union remained wary. 'Our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work,' the United Steelworkers president, David McCall, said in a statement. 'Issuing press releases and making political speeches is easy. Binding commitments are hard.' Trump framed the administration's drive to boost domestic steel production as 'not just a matter of dignity or prosperity or pride' but as 'above all, a matter of national security'. He blamed 'decades of Washington betrayals and incompetence and stupidity and corruption' for hollowing out the once-dominant American steel industry, as the jobs 'melted away, just like butter'. '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,' he said. In his remarks at a US steel plant, Trump also repeated many of the false claims that have become a feature of his rallies including the lie that the 2020 election was stolen from him. He gloated over his 2024 victory and, gesturing toward his ear that was grazed by a would-be assassin's bullet last year at a rally in Butler, Pennsylvania, said it was proof that a higher power was watching over him. He also called on congressional Republicans to align behind his 'one big, beautiful bill', urging attendees to lobby their representatives and senators to support the measure. Lois Beckett and Callum Jones contributed reporting
Qatar Tribune
a day ago
- Business
- Qatar Tribune
Trump to double tariffs on foreign steel to 50%
Agencies U.S. President Donald Trump is doubling the tariff on steel imports to 50%, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods.'Today, I have a major announcement,' Trump said during a rally at a U.S. Steel facility in Pittsburgh, Pennsylvania. '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, nobody's going to get around that,' Trump said. He argued that the increase would close gaps that foreign competitors have used to bypass previous tariffs. 'So, we're bringing it up from 25%, we're doubling it to 50% and that's a loophole,' he 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 spoke at U.S. 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. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based U.S. 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 U.S. Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in U.S. 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 U.S. 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 U.S.' 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. As of March 2025, steel cost $984 a metric ton in the United States, significantly more than the price in Europe ($690) or China ($392), according to the U.S. Commerce Department. The United States produced about three times more steel than it imported last year, with Canada, Brazil, Mexico and South Korea being the largest sources of steel imports. Analysts have credited tariffs going back to Trump's first term with helping strengthen the domestic steel industry, something that Nippon Steel wanted to capitalize on in its offer to buy U.S. Steel. The United Steelworkers union remained skeptical. Its president, David McCall, said in a statement that the union is most concerned 'with the impact that this merger of U.S. Steel into a foreign competitor will have on national security, our members and the communities where we live and work.' Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country's supply chain, industries like auto manufacturing and national security. Trump, who has been eager to strike deals and announce new investments in the U.S. since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect U.S. manufacturing. U.S. 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. State and federal lawmakers who have been briefed on the matter describe a deal in which Nippon will buy U.S. Steel and spend billions on U.S. Steel facilities in Pennsylvania, Indiana, Alabama, Arkansas and Minnesota. The company would be overseen by an executive suite and board made up mostly of Americans and protected by the U.S. government's veto power in the form of a 'golden share.' Unionized steelworkers said there is some split opinion in the ranks over Nippon Steel's acquisition, but that sentiment has shifted over time as they became more convinced that U.S. Steel would eventually shut down their Pittsburgh-area plants.
