Latest news with #Steel-Nippon
2 days ago
- Business
Trump admin live updates: White House drops NASA nominee with Musk ties
The senate was slated to vote on Jared Isaacman next week. 3:08 President Donald Trump on Friday claimed China violated its trade agreement with the U.S. and Treasury Secretary Scott Bessent said talks between the world's two largest economies stalled. This week, Trump's global tariff policy hit a major roadblock as two federal courts ruled he does not have the power to unilaterally impose some levies. The tariffs can stay in place, for now, as the court considers the administration's appeal. Meanwhile, Elon Musk is leaving his role as a "special government employee" but is expected to remain an unofficial adviser to Trump. Latest headlines: May 31, 2025, 4:24 PM EDT White House pulls NASA nominee Jared Isaacman, billionaire with Musk ties May 30, 2025, 8:11 PM EDT Trump touts US Steel-Nippon deal May 30, 2025, 6:13 PM EDT Trump says he's doubling tariffs on steel imports to 50% May 30, 2025, 2:42 PM EDT Trump on possible pardon for Diddy: 'I would certainly look at the facts' Here's how the news is developing. May 31, 2025, 4:24 PM EDT White House pulls NASA nominee Jared Isaacman, billionaire with Musk ties The White House withdrew Saturday the nomination of Jared Isaacman to become the next NASA administrator just days before his scheduled confirmation vote in the Senate. "It's essential that the next leader of NASA is in complete alignment with President Trump's America First agenda and a replacement will be announced directly by President Trump soon," Liz Huston, a spokesperson for the White House said in a statement. Isaacman, who is the CEO of the payment processing company Shift4, has had a long history with Musk and worked with SpaceX on commercial flights into space. Isaacman attempted to distance himself from Musk during his confirmation hearing as he was getting grilled by Democrats on the committee. Musk and Trump have emphasized their desire to prioritize Mars, whereas Isaacman clarified during questioning that a lunar landing would take precedence over a Mars mission. In a post on social media, Trump confirmed he had pulled the nomination. "After a thorough review of prior associations, I am hereby withdrawing the nomination of Jared Isaacman to head NASA," Trump said without elaborating. "I will soon announce a new Nominee who will be Mission aligned, and put America First in Space." May 30, 2025, 8:11 PM EDT Trump touts US Steel-Nippon deal President Donald Trump on Friday touted a "blockbuster agreement" between U.S. Steel and Japanese company Nippon Steel that he said would keep the iconic U.S. steelmaker in Pittsburgh -- though he previously opposed such a merger and offered few details on the intricacies of the deal. Trump discussed the deal during a rally at the Irvin Works plant in Allegheny County on Friday evening. President Donald Trump said he will double the tariff imposed on imports of steel from 25% to 50%. Trump made the announcement during a rally in Pennsylvania on Friday to discuss the "partnership" between U.S. Steel and Japan-based Nippon Steel. Trump said the increase in steel tariffs "will even further secure the steel industry in the United States." Trump imposed the 25% tariffs on steel and aluminum in March, about a month before he announced sweeping across-the-board tariffs on what he called " Liberation Day." In a follow-up post on social media, Trump said the increased rate would go into effect June 4. May 30, 2025, 2:51 PM EDT Musk says his child punched him in the face Elon Musk, wearing all black, had a visible bruise over his right eye while speaking at the Oval Office. Asked what happened, Musk said his 5-year-old son punched him in the face. "I said, 'Go ahead, punch me in the face.' And, he did," Musk said.
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First Post
3 days ago
- Business
- First Post
'No one can get around it': Trump announces plans to double steel tariffs to 50%
Speaking at a rally in Pennsylvania, the president defended his move, saying that the increased tariff will ensure a boost in domestic steel production and improve national output while reducing dependency on China read more US President Donald Trump arrives to speak during a visit to US Steel - Irvin Works in West Mifflin, Pennsylvania, May 30, 2025, to mark the deal between Nippon Steel and US Steel. AFP US President Donald Trump has announced that his administration would double the current tariff rate on steel imports from 25 per cent to 50 per cent, days after the country secured a deal with Japan's Nippon Steel. Speaking at a rally in Pennsylvania, the president defended his move, saying that the increased tariff will ensure a boost in domestic steel production and improve national output while reducing dependency on China. 'We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America, which will even further secure the steel industry,' he said. STORY CONTINUES BELOW THIS AD '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. The White House has said that the hiked tariff rates will come into effect from next week. 'There will be no layoffs and no outsourcing whatsoever, and every US steel worker will soon receive a well deserved $5,000 bonus,' the US president told the crowd filled with local steelworkers. US Steel-Nippon deal Trump also mentioned the recently inked deal with Nippon Steel with US Steel , which he emphasised 'will remain in America with its headquarters in Pittsburgh'. Without going into the details of the partnership, Trump reiterated that 'US Steel will continue to be controlled by the USA.' On Friday, he 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 modernising steel mills, expanding ore mining and building facilities in places including Indiana and Minnesota. Trump tariffs gain temporary relief The announcement on steel tariffs comes after a US appeals court granted the Trump administration a temporary reprieve for the president's aggressive tariff measures, following a ruling by the Court of International Trade found the duties illegal. The latest ruling by an appellate court will allow the government to continue collecting foreign taxes as part of US President Donald Trump's sweeping tariff measures, reconfiguring US trade ties with the world. STORY CONTINUES BELOW THIS AD With inputs from agencies
Straits Times
3 days ago
- Business
- Straits Times
Trump to double steel tariffs to 50% to aid Nippon-US Steel
US President Donald Trump said that US Steel's blast furnaces will remain at 'full capacity' for at least 10 years. PHOTO: KENNY HOLSTON/NYTIMES WASHINGTON - US President Donald Trump said he would be increasing tariffs on steel to 50 per cent from 25 per cent, saying the move would help protect American steelworkers during a visit to a United States Steel Corp plant on May 30. Mr Trump was visiting the plant to champion an expected deal between US Steel and Japan's Nippon Steel Corp as one that would ensure the iconic American firm remains US-owned and operated, even as many details on the agreement remain vague. He said the tariff increase would benefit the new venture's US operations. 'I believe that this group of people that just made this investments right now are very happy, because that means that nobody's going to be able to steal your industry,' Mr Trump said. 'It's at 25 per cent, they can sort of get over that fence, at 50 per cent they can no longer get over the fence.' Mr Trump's rate hike, which the White House said would go into effect next week, caps a tumultuous stretch that saw a trade court rule his sweeping 'reciprocal' tariff regime illegal, only for an appeals court to offer a stay keeping the levies temporarily in place. Earlier on May 30, Mr Trump also registered his frustration with China - who he accused of reneging on a tariff truce negotiated earlier in May - raising the prospect of additional import taxes. The new 50 per cent level also offers a backstop for Mr Trump's promise that the US Steel-Nippon deal, which he opposed on the campaign trail, would benefit steelworkers in the critical battleground state of Pennsylvania. The deal was opposed by the United Steelworkers, who worried Japanese ownership could see capacity reduced and jobs shifted to other plants. 'There's a lot of money coming your way,' Mr Trump added, as he spoke in front of signs reading 'The Golden Age' - a reference to the economic boom he says his policies will unleash - as well as 'American Steel' and 'American Jobs'. Shares of other US steel companies including Nucor Corp, Cleveland-Cliffs Inc and Steel Dynamics Inc rallied in after-hours trading. Cleveland-Cliffs shares jumped more than 15 per cent, while Steel Dynamics and Nucor are up at least 5 per cent. Mr Trump said US Steel workers would receive a US$5,000 (S$6,450) bonus soon and that US$2.2 billion of the US$14 billion proposed investment would be earmarked to increase steel production at the Mon Valley Works plant where he was speaking. Mr Trump said US$7 billion would be spent to modernize steel mills, expand ore mining and build new facilities in Indiana, Minnesota, Alabama and Arkansas. He also said US Steel won't announce layoffs or outsourcing and that its blast furnaces will remain at 'full capacity' for at least 10 years. The US imports about 17 per cent of its steel needs, according to figures from Morgan Stanley, with the majority coming from Canada, Brazil and Mexico. Construction companies have warned levies are likely to increase the cost of critical building materials, reducing the supply and increasing the cost of new housing. The event had the tone of a victory lap, with Mr Trump receiving a Pittsburgh Steelers jersey and a golden hard hat during his visit, but despite the celebratory tone, critical details on the deal were unclear ahead of the May 31 event. Investors are eager for any insight into the agreement a week after he first announced that he would approve the deal. Mr Trump's decision marked a stunning reversal on a transaction that he had fiercely opposed on the campaign trail, but the president cast the shift as coming with concessions from Nippon Steel that benefitted steelworkers. 'Every time they came in, the deal got better and better and better for the workers,' Mr Trump said, stressing that US Steel would remain headquartered in Pittsburgh. The president last week cast it as a 'planned partnership' bringing investments to the US – not as an outright sale of an American company. Even after Trump's announcement last week, work continued on the terms, including what veto powers the US government will retain over the board of the US Steel subsidiary. 'In Washington, I'm going to be watching over it, and it's going to be great,' Mr Trump said. The May 31 event offers to cap what has been a politically contentious and tumultuous path for Nippon Steel's bid to purchase an iconic American firm – a lengthy saga that left both companies in limbo. Nippon Steel initially proposed a US$14.1 billion transaction for US Steel. 'The commitments have been made,' Representative Dan Meuser, a Pennsylvania Republican, said in an interview at the Irvin Works site ahead of Trump's remarks. 'They're not going to blow this deal,' he added, calling it 'as good as done.' The deal put forward to the Committee on Foreign Investment in the US, or Cfius, a secretive panel which reviewed the proposed takeover, included the original US$55-per-share acquisition along with extra investment, according to people familiar with the matter. As part of the agreement, the US will retain certain powers, including over board membership, according to people familiar. US Senator David McCormick, a Pennsylvania Republican, has cast that arrangement as a 'golden share,' thought it is not clear if it would amount to an equity stake or just give the government some form of power to intervene. Mr McCormick told CNBC in an interview that the structure will be 'a US CEO, a US majority board, and then there'll be a golden share, which will essentially require US government approval of a number of the board members, and that'll allow the United States to ensure production levels aren't cut and things like that.' Both Mr Trump and his predecessor, Joe Biden, opposed the sale during the 2024 presidential election, saying US Steel should remain in American hands. Mr Biden killed the deal citing national security concerns just before Mr Trump took office. Mr Trump then ordered a review of that decision before announcing the partnership last week. Advocates for a deal between Nippon Steel and US Steel have long argued that the Japanese company would help revitalize the American firm with investments. The next steps to consummate the deal are not entirely clear. Both sides need to finalise their agreement through the Cfius review process. It's not clear whether the text of any mitigation agreement – which is likely to spell out what powers the US government retains – is finalised. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
