Latest news with #NipponSteel
Eyewitness News
2 hours ago
- Business
- Eyewitness News
Trump says will double steel, aluminum tariffs to 50%
WEST MIFFLIN, United States - US President Donald Trump's announcement that he would double steel and aluminum import tariffs to 50 percent 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 percent to 50 percent, 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 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.
Gulf Today
3 hours ago
- Business
- Gulf Today
Trump doubles tariffs on steel imports to 50%
US President Donald Trump said Friday 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 per cent to 50 per cent, 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 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. '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. Agence France-Presse
Nikkei Asia
5 hours ago
- Business
- Nikkei Asia
U.S. Steel deal awaits Trump's final approval ahead of June deadline
TOKYO -- As U.S. President Donald Trump hails the partnership between Nippon Steel and U.S. Steel, the Japanese steelmaker is scrambling to clear two key hurdles ahead of the June 18 deadline for the purchase. Trump did not clarify the details of the deal in a speech to U.S. Steel workers at a rally in Pennsylvania on Friday.
Kyodo News
5 hours ago
- Business
- Kyodo News
Kyodo News Digest: May 31, 2025
KYODO NEWS - 2 hours ago - 23:07 | All, Japan, World The following is the latest list of selected news summaries by Kyodo News. ---------- Japan, U.S. vow to spur cybersecurity cooperation amid rising threats SINGAPORE - Japanese Defense Minister Gen Nakatani and U.S. Defense Secretary Pete Hegseth agreed Saturday to boost cybersecurity cooperation, following Japan's enactment of a law allowing the government to monitor online communications amid rising cyber threats. After their talks in Singapore, meanwhile, Nakatani did not clarify whether Hegseth had requested Japan pay more for defense during their meeting. U.S. President Donald Trump views the long-standing security treaty with Japan as unfair and one-sided. ---------- Seoul subway fire set by man, 400 passengers evacuate through tunnel SEOUL - A man started a fire inside a moving subway train in Seoul around 8:40 a.m. on Saturday, forcing about 400 passengers to evacuate on foot through the tunnel, according to South Korean media. The incident occurred near the center of the capital. The suspect fled the scene but was apprehended at a nearby station. Police are investigating his motives, as he appears to have started the fire using gasoline he brought with him. ---------- Japan's cheaper stockpiled rice starts hitting store shelves TOKYO - The Japanese government's stockpiled rice released through direct contracts with retailers began hitting store shelves Saturday, with consumers flocking to the cheaper products. Major supermarket operator Ito-Yokado Co. and home appliance company Iris Ohyama Inc. were the first to start selling the rice at some of their shops, both setting a price tag of 2,160 yen ($15) including tax for a 5 kilogram-bag. ---------- Museum featuring Asian works opens on Japanese island of art NAOSHIMA, Japan - A museum dedicated to contemporary Asian works opened Saturday on Naoshima Island in Kagawa Prefecture, known as an island of art and the only Japanese destination to make the BBC's list of the 25 best places to travel in 2025. The Naoshima New Museum of Art, designed by renowned architect Tadao Ando, is located in a hilltop village overlooking the Seto Inland Sea in western Japan. Featuring black plaster walls and stone fences, the building has a calm, subdued appearance. ---------- Trump lauds Nippon Steel as "great partner" for U.S. Steel WEST MIFFLIN, Pennsylvania - President Donald Trump on Friday heaped praise on Nippon Steel Corp. over what he views as a partnership deal with United States Steel Corp., offering backing to the Japanese company's $14 billion investment into the iconic but struggling American producer. During a speech at a U.S. Steel plant in Pennsylvania, Trump called Nippon Steel a "great partner" and said the two steelmakers will form a "tremendous relationship" without offering many details about the deal, which he has never described as being the buyout the Japanese company has desired. ---------- Japan, U.S. agree tariff talks making progress toward deal WASHINGTON - Japan's chief tariff negotiator said Friday that he and U.S. Cabinet members agreed in their talks that they are making progress toward a potential tariff deal as early as June. After a meeting in Washington with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, Ryosei Akazawa, Japan's minister in charge of economic revitalization, told reporters that they plan to hold another round of negotiations before a Group of Seven summit in mid-June. ---------- Chinese tourists returning to Japan with new travel style TOKYO - Chinese tourists are driving a recent surge in inbound travel to Japan, with arrivals now exceeding pre-pandemic 2019 levels, though their travel habits are shifting noticeably. Previously, Chinese tourism in Japan was defined by large group tours and shopping sprees known as "bakugai." Nowadays, however, more travelers are seeking immersive experiences related to Japanese cuisine, culture and scenery, according to the Japan National Tourism Organization. ---------- Japan consumer watchdog warns of rice scam websites as prices soar TOKYO - Japan's consumer affairs center has called on people grappling with soaring rice prices to beware of websites claiming to sell the staple at heavily discounted prices. The National Consumer Affairs Center of Japan said complaints related to such websites have spiked since March, with some claiming the rice was never delivered though payment had been made. Video: Universal Studios Japan's special performance at Osaka Expo
Daily Mirror
5 hours ago
- Business
- Daily Mirror
Ministers unsure if Donald Trump's 50% steel tariffs will affect UK firms
The US President announced last night that tariffs on Steel and Aluminium would be raised from 25% to 50% to "secure the steel industry in the United States" - adding that "nobody is going to get around that." Ministers are scrambling to find out if Donald Trump doubling steel tariffs will affect UK firms. The US President announced last night that tariffs on Steel and Aluminium would be raised from 25% to 50% to "secure the steel industry in the United States." And it's unclear whether the increase will affect exports from British manufacturers. Under the terms of the deal agreed by Keir Starmer and Donald Trump last month, import taxes on steel and aluminium were reduced to zero. But while the deal was agreed in principle, it's yet to take effect. But ministers now face a scramble to get parts of the trade deal to take effect before the new tariffs kick in on June 4. And announcing the new tariffs during a speech to steelworkers in Pennsylvania on Friday, Mr Trump said: "Nobody is going to get around that." The Mirror understands UK negotiators will speak to US counterparts, and are seeking to understand the implications of the changes as soon as possible. A Government spokesperson said: "The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel." "We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for industry." Trump says doubling of tariff on steel applies to aluminium, too 'This will be yet another BIG jolt of great news for our wonderful steel and aluminium workers,' he said on his social media platform after his rally in Pennsylvania. The president wrapped up his speech in Pennsylvania by thanking steelworkers for their decades-long contributions in helping build the country's military equipment and cities. 'With the help of patriots like you, we're going to produce our own metal, unleash our own energy, secure our own future, build our country, control our destiny,' he said. 'We are once again going to put Pennsylvania steel into the backbone of America like never before.' The price of steel products in the US has increased roughly 16% since he became president, according to the government's producer price index Trump says domestic steel production is a 'matter of national security' The president made the remark at a rally in Pennsylvania to celebrate a deal for Japan-based Nippon Steel to invest in U.S. Steel. Trump said jobs in Pittsburgh's iron and steel mills were obliterated. He said the country was getting army tanks, boats and ships produced in China. 'The strong steel industry is not just a matter of dignity or prosperity or pride,' he said. 'It's, above all, a matter of national security.'
