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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.
South Wales Guardian
2 days ago
- Business
- South Wales Guardian
Trump says he is going to double tariffs on foreign steel from 25% to 50%
Mr 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 Mr Trump became president, according to the government's producer price index. Mr 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,' Mr 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?' Mr 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. Employees, Trump supporters, local officials and others filled one of the massive warehouses on the grounds of the Irvin finishing plant to hear Mr Trump. 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 Mr 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. Mr 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. Mr 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.
New Indian Express
2 days ago
- Business
- New Indian Express
Trump tells US steelworkers he's going to double tariffs on foreign steel to 50%
WEST MIFFLIN, Pa.: President Donald Trump on Friday told Pennsylvania steelworkers he's doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. In 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 Wednesday. Trump spoke at US 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. Trump told reporters after he arrived back in Washington that he still has 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 and it's a very big investment,' he said. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based US 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 US Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in US Steel plants and gave guarantees that it wouldn't lay off workers or close plants as it sought federal approval of the acquisition.
Arab Times
2 days ago
- Business
- Arab Times
Trump tells US steelworkers he's going to double tariffs on foreign steel to 50%
WEST MIFFLIN, Pa, May 31, (AP): US President Donald Trump on Friday told Pennsylvania steelworkers he's doubling the tariff on steel imports to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. In 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 Wednesday. Trump spoke at US 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. Trump told reporters after he arrived back in Washington that he still has 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 and it's a very big investment,' he said. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based US 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 US Steel as a wholly owned subsidiary, even as it increased the amount of money it promised to invest in US 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 US 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 US.' 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.
ITV News
2 days ago
- Business
- ITV News
Trump tells US steelworkers he's going to double tariffs on aluminum and steel imports to 50%
President Donald Trump says he's doubling the tariff rate on aluminum and steel to 50% from Wednesday, a dramatic increase that could further push up prices for metal used to make housing, autos and other goods. Trump made the announcement on Friday at U.S. Steel's Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, where he announced a $14 billion investment through a partnership with Japan's Nippon Steel. In a fresh escalation of his global trade war, he told the rally the move would ensure US Steel's survival and reduce the reliance on China, the world's largest steel manufacturer. The price of steel products has increased roughly 16% since Trump became president in January, according to the government's producer price index. Trump told reporters after he arrived back in Washington that he still has 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 and it's a very big investment,' he said. Though Trump initially vowed to block the Japanese steelmaker's bid to buy the Pittsburgh-based U.S. Steel, he reversed course and announced an agreement last week for 'partial ownership' by Nippon. However, it's unclear if the deal his administration helped broker has been finalised 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. '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 as much steel as 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 capitalise on in its offer to buy U.S. Steel. However, the United Steelworkers union remain 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.
