Latest news with #NipponSteelCorp
Irish Examiner
9 hours ago
- Business
- Irish Examiner
Trump's 50% steel and aluminium tariffs come into effect
US president Donald Trump has formally raised steel and aluminium tariffs to 50% from 25%, following through on a pledge to boost US import taxes to help domestic manufacturers. The move took effect at midnight in Washington time on Wednesday - 8am Irish time - with Mr Trump claiming they protect national security. An order signed on Tuesday said the previous charge had 'not yet enabled' domestic industries 'to develop and maintain the rates of capacity production utilization that are necessary for the industries' sustained health and for projected national defence needs". Mr Trump's latest levy is fanning trade tensions at a time when the US is locked in negotiations with numerous trading partners over his so-called 'reciprocal' duties ahead of a July 9 deadline. The president's ability to unilaterally impose tariffs also stands on shakier legal ground after a US federal court last week knocked down many of his other duties put in place under an emergency law. His levies on metals were not subject to that ruling, however, and the president has sought to show he's undeterred from pressing countries to make offers at the negotiating table. Metals charges on imports from the UK will remain at the previous 25% rate to allow the two nations to work on new levies or quotas by a July 9 deadline, according to the order. Mexico has said it will ask the US administration for its own exemption from what its economy minister Marcelo Ebrard has called an 'unsustainable' increase. Mr Trump announced his decision to hike steel tariffs during a speech at a United States Steel Corp. plant in Pennsylvania last Friday, where he endorsed the sale of the company to Japan's Nippon Steel Corp. while pledging that it would remain under some form of American control. 'That means that nobody's going to be able to steal your industry,' he told steelworkers. 'It's at 25%, they can sort of get over that fence; at 50% they can no longer get over the fence.' Bloomberg
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Business Standard
11 hours ago
- Business
- Business Standard
Trump signs order hiking steel, aluminum tariffs to 50%, exempts UK
US President Donald Trump on Tuesday signed a directive doubling tariffs on steel and aluminium imports to 50 per cent from 25 per cent, with the increase taking effect from today. The move follows through on his earlier commitment to raise import duties in a bid to support domestic manufacturing. This is the second tariff hike on these metals since March, affecting critical inputs across industries from automobiles to canned goods. The order stated that the earlier tariff level had "not yet allowed" domestic industries to achieve and sustain the production capacity and utilisation rates needed for their long-term viability, and to meet anticipated national defence requirements, reported Bloomberg. The order, posted by the White House on X, said that raising the existing tariffs would offer stronger support to domestic industries and help reduce or eliminate the national security threat posed by imports of steel, aluminium and related products. UK imports exempted from the tariff rise Tariffs on steel and aluminium imports from the UK will, however, remain at the existing 25 per cent level, allowing both countries time to finalise new levies or quotas by a July 9 deadline, according to the directive. While a framework to reduce trade barriers on steel was agreed upon last month, the two sides have yet to settle on the extent of relief for British steel, and the deal has not yet come into force. The exemption for the UK came just hours after the British government confirmed that both nations had agreed on the need to swiftly implement a tariff relief agreement. Trade tensions and legal challenges Trump's move has heightened trade tensions as the US remains engaged in negotiations with multiple trading partners over his proposed 'reciprocal' tariffs ahead of a 9 July deadline. His authority to impose such tariffs unilaterally faces increased legal scrutiny, especially after a federal court recently struck down several other duties he had implemented under the International Emergency Economic Powers Act. However, the steel and aluminium duties remain unaffected, as they were imposed under a separate legal authority, according to a Bloomberg report. The president has signalled he remains committed to raising duties and pressuring countries to make concessions at the negotiating table. Trump had announced the tariff hike last Friday during a speech at a United States Steel Corp plant in Pennsylvania, where he backed the company's sale to Japan's Nippon Steel Corp but assured workers it would remain under some level of American oversight. "That means nobody's going to be able to steal your industry," he told steelworkers. "At 25 per cent, they can sort of get over that fence; at 50 per cent, they can no longer get over the fence." Later, he confirmed in a social media post that aluminium tariffs would also rise to the same level. Critics argue that raising steel and aluminium tariffs to 50 per cent could severely impact foreign producers, provoke retaliatory actions from trade partners, and ultimately burden American manufacturers and consumers with higher costs amid renewed trade tensions.
Kyodo News
3 days ago
- Business
- Kyodo News
Trump's steel tariff hike not raised in Japan-U.S. talks: negotiator
KYODO NEWS - 10 hours ago - 21:02 | All, Japan Japan's chief tariff negotiator said Sunday that his U.S. counterpart had not touched on President Donald Trump's decision to double tariffs on steel and aluminum to 50 percent during their talks in Washington late last week. Trump's announcement came on social media on Friday, the same day that Ryosei Akazawa, Japan's minister in charge of economic policy, met with U.S. Treasury Secretary Scott Bessent and other officials for the fourth round of bilateral tariff negotiations. After returning to Tokyo, Akazawa, a close aide to Prime Minister Shigeru Ishiba, told reporters at Haneda airport that the Japanese government would "closely watch the specific details of the measures that will be revealed in the future" by the United States. Later Sunday, Akazawa met with Ishiba at the prime minister's official residence to report the outcome of the latest talks. He said he was instructed to "continue negotiating to the utmost of your ability and with the highest priority of reaching an agreement." Trump on social media cited national security behind his decision to raise tariffs on steel and aluminum imports from the current 25 percent, and said the new rate charged to most nations would go into effect on Wednesday. Regarding the plan by Nippon Steel Corp. to acquire United States Steel Corp., Akazawa said, "We are looking forward to a very optimistic announcement" from the Trump administration. Japan and the United States are making arrangements to hold a meeting between Ishiba and Trump on the sidelines of the Group of Seven summit in Canada in mid-June after a fifth round of tariff talks, Akazawa said. Under Trump's so-called reciprocal tariff regime, announced April 2, Japan faces a country-specific tariff of 14 percent for a total rate of 24 percent. Along with others, Japan has also been hit by the Trump administration's additional 25 percent tariff on automobiles and other sector-based levies implemented on national security grounds, on top of the baseline duty of 10 percent that is part of its reciprocal scheme. Related coverage: Trump lauds Nippon Steel as "great partner" for U.S. Steel Japan, U.S. agree tariff talks making progress toward deal
The Mainichi
3 days ago
- Business
- The Mainichi
Trump's steel tariff hike not raised in Japan-US talks: negotiator
TOKYO (Kyodo) -- Japan's chief tariff negotiator said Sunday that his U.S. counterpart had not touched on President Donald Trump's decision to double tariffs on steel and aluminum to 50 percent during their talks in Washington late last week. Trump's announcement came on social media on Friday, the same day that Ryosei Akazawa, Japan's minister in charge of economic policy, met with U.S. Treasury Secretary Scott Bessent and other officials for the fourth round of bilateral tariff negotiations. After returning to Tokyo, Akazawa, a close aide to Prime Minister Shigeru Ishiba, told reporters at Haneda airport that the Japanese government would "closely watch the specific details of the measures that will be revealed in the future" by the United States. Regarding the plan by Nippon Steel Corp. to acquire United States Steel Corp., Akazawa said, "We are looking forward to a very optimistic announcement" from the Trump administration. Japan and the United States are making arrangements to hold a meeting between Ishiba and Trump on the sidelines of the Group of Seven summit in Canada in mid-June after a fifth round of tariff talks, Akazawa said.
Kyodo News
3 days ago
- Business
- Kyodo News
Trump's steel tariff hike not raised in Japan-U.S. talks: negotiator
KYODO NEWS - 42 minutes ago - 17:45 | Others Japan's chief tariff negotiator said Sunday that his U.S. counterpart had not touched on President Donald Trump's decision to double tariffs on steel and aluminum to 50 percent during their talks in Washington late last week. Trump's announcement came on social media on Friday, the same day that Ryosei Akazawa, Japan's minister in charge of economic policy, met with U.S. Treasury Secretary Scott Bessent and other officials for the fourth round of bilateral tariff negotiations. After returning to Tokyo, Akazawa, a close aide to Prime Minister Shigeru Ishiba, told reporters at Haneda airport that the Japanese government would "closely watch the specific details of the measures that will be revealed in the future" by the United States. Regarding the plan by Nippon Steel Corp. to acquire United States Steel Corp., Akazawa said, "We are looking forward to a very optimistic announcement" from the Trump administration. Japan and the United States are making arrangements to hold a meeting between Ishiba and Trump on the sidelines of the Group of Seven summit in Canada in mid-June after a fifth round of tariff talks, Akazawa said. Related coverage: Trump lauds Nippon Steel as "great partner" for U.S. Steel Japan, U.S. agree tariff talks making progress toward deal
