Latest news with #TheGoldenAge
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.
Yahoo
3 days ago
- Business
- Yahoo
Trump hails US Steel-Nippon deal, says steelmaker will be 'controlled by the USA' -- but offers few details
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 specifics of the deal. Trump discussed the "partnership" between the two companies during a rally at the Irvin Works plant in Allegheny County on Friday evening -- flanked by steelworkers and big banners reading "American Jobs" and "The Golden Age." During the event, Trump also announced his plan to double a current 25% tariff on steel imports to 50%. Trump told the crowd Nippon would invest a total of $14 billion as part of the deal, with some $2.2 billion slotted to increase steel production in Pittsburgh's Mon Valley and another $7 billion to modernize steel mills, expand ore mines and build facilities in Indiana, Minnesota, Alabama and Arkansas. Trump emphasized that the U.S. Steel headquarters would stay in Pittsburgh, bringing in more jobs for Americans -- and even promised a $5,000 bonus for every U.S. Steel worker. "There will be no layoffs and no outsourcing whatsoever," Trump pledged. U.S. Steel would still be "controlled by the USA," Trump said, adding, "Otherwise, I wouldn't have done the deal." But he did not explicitly say how the ownership of the company would be structured. Despite hailing the agreement during the rally, Trump later told reporters that he hasn't seen the final details yet. "I have to approve the final deal with Nippon and we haven't seen that final deal yet," Trump told reporters on the tarmac following the Pittsburgh event. "But they've made a very big commitment, and it's a very big investment." In his remarks at the rally, the president said U.S. Steel will maintain all of its current operating blast furnaces at full capacity for a minimum of 10 years. "You're not going to have to worry about that," he said, predicting, "They're going to be here a lot longer than that." In his remarks at the rally, Trump portrayed himself as a skillful dealmaker, saying he rejected previous offers from Nippon before he said he realized they how much they wanted to invest in the U.S. "I have to tell you about Nippon," Trump said. "They kept asking me over and I kept rejecting it. 'No way, no way, no way.' And after about four times, I said, 'You know, these people really want to do a great thing. They ... really want it." Trump first announced the agreement on his conservative social media platform last week. He said it would create at least 70,000 jobs and add $14 billion to the American economy. The "investment," he wrote, would take place over the next 14 months. During the 2024 campaign, Trump pledged to block the Japanese steelmaker from purchasing U.S. Steel. As president-elect, he repeated that vow. "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote in a post to his conservative social media platform in early December. The Biden administration in January blocked the sale of U.S. Steel to Nippon Steel over national security concerns. The White House said at the time it was important to keep one of the largest steel producers in the nation an American-owned company. MORE: Biden blocks US Steel takeover by Japan-based Nippon The reaction was mixed. The president of the United Steelworkers union, which represents hundreds of thousands of workers, celebrated the move while local leaders expressed concern about U.S. Steel's future in southwestern Pennsylvania. Weeks after the inauguration, Trump met with U.S. Steel CEO David Burritt at the White House. In early April, he ordered a new national security review of Nippon Steel's proposed bid to acquire U.S. Steel. Leading up to Friday's rally, the White House had provided few details, other than those mentioned by Trump in his social media post, about the agreement. Peter Navarro, Trump's trade adviser, insisted on Thursday that U.S. Steel "owns" the company. "Nippon Steel is going to have some involvement but no control of the company," Navarro told reporters outside the White House, though he didn't take any more questions on the agreement. Nippon was seeking 100% ownership of U.S. Steel in talks with Trump, Nikkei Asia reported earlier this month. U.S. Steel issued a brief statement last week in which it said Trump "is a bold leader and businessman who knows how to get the best deal for America." "U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years," the company said without sharing more specifics. Trump hails US Steel-Nippon deal, says steelmaker will be 'controlled by the USA' -- but offers few details originally appeared on
The Journal
3 days ago
- Business
- The Journal
Trump says he's doubling the US tariff on steel to 50%
US PRESIDENT DONALD Trump has said that he is doubling the tariff rate on steel to 50%, a dramatic increase that could further push up prices for a metal used to make housing, cars and other goods. 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 Trump became president, according to the government's producer price index. 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,' 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?' 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. Advertisement Employees, Trump supporters, local officials and others filled one of the massive warehouses on the grounds of the Irvin finishing plant to hear Trump. Donald Trump speaks to steel workers in Pennsylvania Alamy Stock Photo Alamy Stock Photo 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 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. 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. 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.
North Wales Chronicle
3 days ago
- Business
- North Wales Chronicle
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.
Yahoo
3 days ago
- Business
- Yahoo
Trump announces plan to double steel tariffs
President Trump announced Friday his administration would be doubling tariffs on steel imports from 25 percent to 50 percent during a visit to Pennsylvania focused on boosting the U.S. steel industry. 'We're going to bring it from 25 to 50 percent on steel into the United States of America, which will even further secure the steel industry in the United States,' Trump said during remarks at a steel factory in Pittsburgh. The president's announcement came as part of an event to tout what Trump called a 'blockbuster' agreement between U.S. Steel and Japanese-owned Nippon Steel. 'We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,' Trump said in remarks from a factory in Allegheny County. 'We're going to have a great partner. And I have to tell you, Japan has been a tremendous friend of mine during my years as president.' Trump has in the early months of his second term emphasized a push to bring back domestic manufacturing and jobs, largely through the aggressive use of tariffs. He previously imposed a 25 percent tariff on steel and aluminum imports, arguing it would boost the U.S. steel industry. Those were in addition to tariffs on automobile tariffs, and a baseline 10 percent tariff on all imports. Those tariffs have faced legal scrutiny and skepticism from Wall Street and critics on both sides of the aisle, who have warned that the tariffs will ultimately lead to price increases for consumers. Trump and his allies have insisted the tariff threats, which have often been delayed or revised, have been effective at bringing other countries to the negotiating table. Trump last week announced a new partnership between U.S. Steel and Nippon on social media, saying it 'will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy.' U.S. Steel's fate had been uncertain dating back to December 2023, when Japan-based Nippon steel said it planned to acquire the Pittsburgh-based company. The fate of U.S. Steel became a hot button issue during the 2024 campaign, particularly given its headquarters was in a key battleground. Both Trump and former President Biden had opposed the sale of U.S. Steel. Biden blocked the sale shortly before leaving office, citing national security reasons. The president's remarks on Friday echoed many of his typical political speeches. He blasted 'liberal judges,' attacked the previous administration for its border policies and falsely claimed the 2020 election had been fraudulent. The president was flanked by banners that read 'The Golden Age,' 'American Jobs' and 'American Steel.' Trump invited on stage former Pittsburgh Steelers player Rocky Bleier and current Steelers players Mason Rudolph and Miles Killebrew, who presented the president with a football jersey to express their appreciation. But the intended focus was on Trump's attempts to revive the steel industry. The president argued other presidents had ignored the steel industry at the expense of places like Pittsburgh. The United States was the world's fourth-largest steel producing nation as of 2023, according to the World Steel Association. It is also the world's largest steel importer, excluding the European Union, according to the International Trade Association. 'Decades of Washington betrayal and incompetence and stupidity and corruption cost this region over 100,000 steel jobs, and they melted away just like butter melts away,' Trump said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
