Latest news with #USSteelCorporation
&w=3840&q=100)
First Post
2 days ago
- Business
- First Post
Trump to double steel tariffs from June 4: How India could lose billions
Donald Trump's tariff wars continue. He has announced that the US would be doubling tariffs on steel and aluminium imports to 50 per cent, starting June 4. This move could significantly hurt India — it exports steel worth $4.56 billion. Moreover, it could complicate the ongoing trade agreement talks between New Delhi-Washington read more US President Donald Trump walks as workers react at US Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, US. Reuters Donald Trump is often referred to as the 'tariff man' and he is certainly living up to that name. He has fired a fresh shot in the global trade war, announcing that he would be doubling US tariffs on steel and aluminium imports to 50 per cent starting June 4. Addressing a rally at a US steel plant in West Mifflin, Pennsylvania, Trump last Friday said that the sharp hike in tariffs on steel from 25 per cent to 50 per cent will 'even further secure the steel industry in the United States'. 'Nobody's going to get around that,' he said. STORY CONTINUES BELOW THIS AD The move has drawn the ire of the European Union whereas Indian exporters have said that this makes the existing trade talks between the two countries 'much more difficult and complicated'. As we await the tariff to kick in, on Wednesday (June 4), we take a closer look at just how this move will hurt India — and by how much. Trump's new tariffs on steel and aluminium Last Friday, US President Donald Trump addressing workers at a US Steel plant in Pennsylvania announced that he would be doubling steel and aluminium import tariffs to 50 per cent , in a move 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,' said Trump to steel workers, adding, 'Nobody's going to get around that.' 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'. President Donald Trump speaks at US Steel Corporation's Mon Valley Works-Irvin plant on Friday in West Mifflin. He announced that the US would be doubling tariffs on steel and aluminium tariffs from 25 per cent to 50 per cent. AP He also wrote in his social media post, 'Our steel and aluminium industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminium workers.' He then said: 'We don't want America's future to be built with shoddy steel from Shanghai — we want it built with the strength and the pride of Pittsburgh!' STORY CONTINUES BELOW THIS AD 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. In fact, this increased tax falls on the heels of a similar increase earlier this year, when Trump raised tariffs on aluminium and steel to 25 per cent. Experts Speak While Trump and his supporters have lauded the move, saying it would benefit the domestic steel industry, experts aren't so sure. Felix Tintelnot, professor of economics at Duke University, told TIME that these tariffs will be coinciding with struggles in other US industries as a result of the increase. 'So, this is expected to raise the price of aluminium, which is important in inputs for downstream industries like the automotive industry, as well as construction, so there's sort of a distributional conflict here,' Tintelnot warned. 'Yes, it does help the domestic steel sector, but [it's] hurting these other sectors of the economy, and they are already hard hit by other tariffs.' The US imported around 28 million tonnes of steel in 2024. File image/Reuters Wayne Winegarden, a senior fellow at the Pacific Research Institute, also agreed with this situation, noting that the tariffs are 'working against themselves" and that consumers can expect prices to increase. '[Trump is] making it more expensive for domestic auto manufacturers to produce here,' he told TIME. 'It's an economically inconsistent, illiterate policy that seems to be hiding under the national security justifications.' STORY CONTINUES BELOW THIS AD Canada , the European Union and other countries, who are the US' top steel partners, have questioned the move, with the EU warning 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. Marty Warren, United Steelworkers national director for Canada, also slammed Trump's tariffs, saying, 'This isn't trade policy — it's a direct attack on Canadian industries and workers. 'Thousands of Canadian jobs are on the line and communities that rely on steel and aluminium are being put at risk. Canada needs to respond immediately and decisively to defend workers.' Impact on India Trump's now 50 per cent tariff on steel and aluminium will also have a huge impact on Indian metal exporters, with the Global Trade Research Initiative (GTRI) noting that it will impact Indian metal exports worth $4.56 billion. Speaking on the issue, GTRI noted that Washington is a huge destination for India's metal exports. In fact, in FY2025, India exported $4.56 billion worth of iron, steel, and aluminium products to the US. Giving a further breakup, the GTRI said that of the $4.56 billion steel exports, $587.5 million was in iron and steel, $3.1 billion in articles made of iron or steel and $860 million in aluminium related items. STORY CONTINUES BELOW THIS AD For India, the consequences of Trump's steel tariff hike are direct, the Global Trade Research Initiative (GTRI) said. Representational image/Reuters However, with Trump imposing a 50 per cent tariff, these items will become more expensive, making it hard for them to be competitive in the global market. Others also noted that it brings in uncertainty and fear, which isn't conducive to business. Pankaj Chadha, chairman of the Engineering Export Promotion Council, was quoted as telling The Telegraph, 'The biggest hit will be on engineering exports. How does business operate amid such uncertainties? And this is not a bark, but a bite.' Moreover, Ajay Sahai, director-general and CEO of the Federation of Indian Export Organisations (Fieo), called the development 'extremely disturbing', warning that both Indian exporters and American importers would suffer significant losses. But the impact of these tariffs go beyond just the economics of it all. It makes the current negotiations between India and US on the bilateral trade agreement complicated. Pankaj Chadha of (EEPC) India told The Indian Express, 'It's unfortunate that, while bilateral trade agreement (BTA) negotiations are ongoing, such unilateral tariff hikes are being introduced. It only makes the work of negotiators much more difficult and complicated. This will definitely impact engineering exports, which currently stand at around $5 billion under this category.' STORY CONTINUES BELOW THIS AD In fact, India issued a formal notice at the World Trade Organization (WTO) signalling its intention to impose retaliatory tariffs on US goods. However, reports state that the US rejected New Delhi's notice, saying its actions were not safeguard measures, which is why it would not hold any discussion with New Delhi on the matter. And the stock market is already feeling the effects of Trump's steel-aluminium tariffs. Shares of metal firms like JSW Steel, Tata Steel, Jindal Steel, SAIL and others declined on Monday (June 2). And as a result of this, India's Sensex saw an overall drop of 700 points, while the Nifty dropped 200 points. With inputs from agencies
GMA Network
4 days ago
- Business
- GMA Network
Trump says he plans to double steel, aluminum tariffs to 50%
US President Donald Trump visits US Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, US, May 30, 2025. REUTERS/Leah Millis WEST MIFFLIN, Pennsylvania - US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "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," he said at a rally in Pennsylvania. The doubling of steel and aluminum levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and U.S. Steel. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market close as investors bet the new levies will help its profits. The announcement drew harsh reactions from US trading partners around the world. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Canada's United Steelworkers union called the move a direct attack on Canadian industries and workers. The European Commission said on Saturday that Europe is prepared to retaliate. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," a European Commission spokesperson said. "The EU is prepared to impose countermeasures, including in response to the latest US tariff increase." Australia's center-left government also condemned the tariff increase, with Trade Minister Don Farrell calling it "unjustified and not the act of a friend." Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolizes both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminum and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totaled $50 billion in annual import value. —Reuters
Time of India
5 days ago
- Business
- Time of India
Donald Trump announces 50% tariff on steel imports to 'secure industry in US'
US President Donald Trump speaks at US Steel Corporation's Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pennsylvania (AP Photo) US President Donald Trump said on Friday that he is doubling the tariff on steel imports to 50 percent, a big increase that could raise prices for steel, which is used in housing, cars, and other products. "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," Trump said. Trump said he had a "major announcement" as he spoke at US Steel's Mon Valley Works–Irvin Plant in West Mifflin, US state of Pennsylvania, near Pittsburgh, to talk about investments by Japan's Nippon Steel. "Nobody's going to get around that," he added during the speech in front of workers in a state that helped him win the 2016 election. Trump said US Steel will remain an American company under a deal where Japan-based Nippon Steel will invest in the company. Few details about the deal have been shared. "We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company," Trump said at an event in one of US Steel's warehouses near Pittsburgh. "You're going to stay an American company, you know that, right?" He said doubling the tariffs on steel imports "will even further secure the steel industry in the US." But this large increase could cause prices to rise more. Workers, Trump supporters, local officials, and others gathered in a large warehouse at the Irvin plant to hear Trump speak. American flags hung from the ceiling, and a sign read "The Golden Age." Steelworkers wore orange hard hats and work clothes, and large coils of steel made at the plant filled part of the warehouse floor. The steel is used for appliances, doors, and other products. At first, Trump promised to block the Japanese company's attempt to buy US Steel, but last week he announced a deal for Nippon Steel to have "partial ownership." It is not clear if the deal is finalized or how the ownership will be arranged. Trump said he considered a 40 per cent tariff, but industry leaders asked for 50 per cent. "At 25 per cent they can sorta get over that fence," Trump said. "At 50 per cent nobody's getting over that fence." On March 12, Trump imposed 25 per cent tariffs on all steel and aluminum imports. This led to immediate retaliation from Canada and complaints from the US auto industry. The European Union also responded with tariffs but later removed them. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hill
07-03-2025
- Business
- The Hill
US companies urge Trump to reject exceptions to steel tariffs
CEOs of leading American steel companies sent a letter to President Trump on Friday, urging him not to provide any exceptions or exclusions to the planned steel tariffs set to go into effect on March 12. The letter, obtained by NewsNation, has been signed by the CEOs of companies such as US Steel Corporation, Cleveland-Cliffs and Nucor. The letter said that the steel tariffs enacted by Trump in his first term were welcome but that 'subsequent negotiations opened the door to renewed increased import volumes, diluting the program's effectiveness…' 'The result was a weakened U.S. steel industry exposed again to the global steel oversupply crisis,' the letter adds. The CEOs told Trump in the letter that his Feb. 10 proclamation reinstating a uniform 25 percent tariff across the board 'is the right response to this global challenge.' 'We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel,' the letter said. The CEOs said this move would 'revitalize' the American steel industry, which they called 'a matter of national security.' The Trump administration is seeking to revive policies enacted during the president's first term to include a 25 percent tariff on all steel imports. Argentina, Australia, Brazil, Canada, Japan, Mexico, South Korea, the European Union, Ukraine and the United Kingdom were exempt from the taxes on steel and aluminum imports during the first Trump administration. This time around, the administration has argued their exclusion 'prevented the tariffs from being effective.' Trump is also planning to raise his original 10 percent tariffs on aluminum imports from 2018 to match the 25 percent duty on steel. The policy will be imposed on all countries across the globe, unlike his prior directive. The president's proposed tariffs across industries have cause international uproar, with some global leaders calling it a trade war. Canadian Prime Minister Justin Trudeau has called the tariffs 'dumb' while Mexican President Claudia Sheinbaum warned of retaliatory tariffs. Trump delayed the taxes set to hit Mexico until April.
