Latest news with #steel
Daily Mail
an hour ago
- Business
- Daily Mail
Trump's doubling of steel tariffs to 50 per cent 'would be body blow to British industry' - with Keir Starmer's trade deal with US still not formally signed
Donald Trump 's doubling of steel and aluminium tariffs to 50 per cent would be a 'body blow' for British industry, say senior industry officials. The US President met with workers at a steel plant in Pittsburgh, Pennsylvania, on Friday night and said he would be doubling tariffs on imports from 25 per cent to 'further secure' the industry. He later confirmed the plans on his media platform Truth Social and announced that it would take effect on Wednesday, June 4. Mr Trump wrote: 'It is my great honor to raise the Tariffs on steel and aluminum from 25 per cent to 50 per cent. Our steel and aluminum industries are coming back like never before. 'This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN! 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!' Despite Britain clinching a trade deal with the US earlier this month - which would see tariffs on UK steel imports reduced to zero - this has not been formally signed yet. Director General of UK Steel, Gareth Stace, told The Times the move would be a 'body blow' for the industry and could see orders being delayed or cancelled. A government spokesman said: 'We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for the industry. The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel.' During Mr Trump's announcements he also said he was backing a 'planned partnership' between Pittsburgh-based US. Steel and Japan's Nippon. Despite this being well received at the rally, the United Steelworkers union and prominent Pennsylvania Democrats are said to be skeptical over the move. During Trump's remarks he also vowed to turn America's Rust Belt into a 'Golden Belt' - covered by his proposed 'Golden Dome' missile defense system. He said: 'We won't be able to call this section a Rust Belt anymore. It'll be a "Golden Belt"...It'll be part of a Golden Dome we're building to save everybody's lives.' To further endear himself to the crowd, Trump also brought a trio of former and current members of NFL team Pittsburgh Steelers who christened Trump a 'Steeler' for the day, giving him a 'Trump 47' jersey onstage. The President kicked off his appearance by boasting about his 2024 electoral win in Pennsylvania, saying: 'You voted for me, they never had a chance in Pennsylvania.' He then brought former Pittsburgh Steeler Rocky Bleier onstage with current players, second-string quarterback Mason Rudolph and safety Miles Killebrew. 'I'm a fan of your Steelers and I happen to think a really good quarterback is a man named Mason Rudolph. 'And I think he's going to get a big shot, he's tall, he's handsome, got a great arm and I have a feeling he's going to be the guy,' Trump said. The President had initially imposed a 25 per cent tariff on steel and aluminium imports in March before he proclaimed a 'Liberation Day' last month which saw him put a 10 per cent tariff on all imports. Mr Trump's steel tariffs were not affected by this week's US Court of International Trade ruling, which temporarily blocked his 'reciprocal tariffs' which were brought in using emergency legislation. That ruling has since been put on hold.
BBC News
an hour ago
- Business
- BBC News
EU 'strongly' regrets US plan to double steel tariffs
The EU has said it "strongly" regrets Donald Trump's surprise plan to double US tariffs on steel and aluminium in a move that risks throwing bilateral trade talks into chaos. On Friday, the US president told a rally in the steel-making city of Pittsburgh that the tariffs would rise from 25% to 50%, claiming this would boost local industry and national European Commission told the BBC on Saturday that Trump's latest move on tariffs "undermines ongoing efforts" to reach a deal, warning about "countermeasures".This also raises questions about the UK's zero tariff deal with the US on steel and aluminium which, although agreed, has not yet been signed. A UK government spokesman said "we are engaging with the US on the implications of the latest tariff announcement and to provide clarity for industry".The UK - which left the EU following the 2016 Brexit referendum - was the first country to clinch a trade deal with the US earlier this month. In a statement sent to the BBC on Saturday, the European Commission, the EU's executive arm, said: "We strongly regret the announced increase of US tariffs on steel imports from 25% to 50%."This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic."The tariff increase also undermines ongoing efforts to reach a negotiated solution."In good faith, the EU paused its countermeasures on 14 April to create space for continued negotiations," the statement said, warning the bloc "is prepared to impose countermeasures". On Friday, Trump announced the tariff rate on steel and aluminium imports would double to 50%, starting on said the move would help boost the local steel industry and national supply, while reducing reliance on also said that $14bn (£10bn) would be invested in the area's steel production through a partnership between US Steel and Japan's Nippon Steel, though he later told reporters he had yet to see or approve the final announcement was the latest turn in Trump's rollercoaster approach to tariffs since re-entering office in January."There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well deserved $5,000 bonus," Trump told the crowd, filled with steelworkers, to raucous steel manufacturing has been declining in recent years, and China, India and Japan have pulled ahead as the world's top producers. Roughly a quarter of all steel used in the US is announcement comes amid a court battle over the legality of some of Trump's global tariffs, which an appeals court has allowed to continue after the Court of International Trade ordered the administration to halt the tariffs on steel and aluminium were untouched by the week, Trump had agreed to extend a deadline to negotiate tariffs with the EU by more than a April, he announced a 20% tariff - or import tax - on most EU goods, but later cut this to 10% to allow time for negotiations. Trump expressed frustration with the pace of talks and threatened to raise the tariff rate to an even higher level of 50% as soon as 1 last week he wrote on social media that he was pushing his deadline back to 9 July, after a "very nice" call with Ursula von der Leyen, the European Commission chief.
Yahoo
an hour ago
- Business
- Yahoo
UK steelmakers call Trump doubling tariffs 'another body blow'
UK steelmakers said US President Donald Trump's decision to double import taxes on steel and aluminium to 50% is "yet another body blow" to the industry. Trade group UK Steel warned some orders could be delayed or cancelled, with uncertainty surrounding some shipments which are already halfway across the Atlantic. Trump's new 50% import tax will come into effect on Wednesday. It will replace the 25% import tax that the US president announced earlier this year. A UK government spokesperson said it was engaging with the US on the implications of the latest tariff announcement to provide clarity to the industry. The US agreed on 8 May to drop import taxes on UK steel as part of a trade deal with the UK, but the original 25% tariff has been kept in place while the details of the deal are worked out. UK Steel director general Gareth Stace said: "The deal that Prime Minister Sir Keir Starmer and President Donald Trump struck just a few short weeks ago is yet to be finalised, so this doubling of tariffs plunges the UK steel industry further into is yet another body blow for all UK steelmakers in this torrid time. "UK steel companies are this morning fearful that orders will now be cancelled, some of which are likely being shipped across the Atlantic as we speak." Mr Stace said the trade group would now be "pressing our government to finalise the agreement to eliminate UK steel import tax and for it to come into effect urgently". "UK steelmakers should not have to shell out for this new steep hike in US steel tariffs - all we want is to continue producing the steel our US customers value so highly," he said. A spokesperson for the UK government said: "The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel." The Guardian reported on Saturday that UK business secretary Jonathan Reynolds will meet his US counterpart Jamieson Greer at an OECD meeting - a global policy forum - in Paris next week, where they will seek to agree a timeline for exempting the UK from the US steel tariffs. Trump to double tariffs on steel imports The UK exports a relatively small amount of steel and aluminium to the US - about £700m-worth a year in total - but it is an important market. The UK situation should be relatively simple to resolve but until details of the UK-US deal are worked out, business with America is about to become more complicated and more expensive. It is unclear how long for. The type of specialist steel the UK exports to America - which is often used in things like nuclear submarines - means the US would struggle to source it elsewhere. Tariff-free trade is mutually beneficial. But this is yet another reminder that with Trump, nothing can be ruled out. Simon Jack: Tariff ruling doesn't really change US-UK deal Trump tariffs get to stay in place for now. What happens next? US and UK agree deal slashing Trump tariffs on cars and metals
Yahoo
an hour ago
- Business
- Yahoo
Trump Explains Reason For Doubling Steel, Aluminum Tariffs
President Donald Trump at the U.S. Steel Corporation—Irvin Works in West Mifflin, Penn., on Friday, May 30, 2025. Credit - Rebecca Droke—Getty Images President Donald Trump announced on Friday that he plans to double the tariffs on steel and aluminum—increasing the charge from 25% to 50%. The tariff escalation comes at a precarious time, as Trump's 'reciprocal' tariffs are immersed in legal trouble at the court level and many U.S. businesses are struggling to contend with the back-and-forth nature of the levies. Trump's announcement also coincides with the 'blockbuster' agreement between U.S. Steel and Japanese steel company Nippon, a deal which he promised will include no layoffs and the steelmaker will be "controlled by the USA." The steepened tariffs could potentially further escalate tensions between the U.S. and its previous top steel partners, which include Canada, Brazil, Mexico, South Korea, and Vietnam. As the U.S.' number one steel importer, Canada—with whom the U.S. has already escalated tensions due to Trump's other tariffs—stands to feel the pressure of this latest move. Here's what to know about Trump's doubled tariffs and what experts have to say about it. Trump announced his decision during a rally at U.S. Steel's Mon Valley Works–Irvin Plant near Pittsburgh in West Mifflin, Penn., surrounded by hardhat-donned steel workers. 'We're going to bring it from 25% percent to 50%—the tariffs on steel into the United States of America—which will even further secure the steel industry in the United States,' Trump told the crowd, offering his reasoning that the increased charges will ultimately help the domestic industry. 'Nobody's going to get around that.' He later posted about his decision on social media, revealing that the tariffs would also be raised for aluminum.'Our steel and aluminum industries are coming back like never before,' Trump wrote on Truth Social. 'This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers.' In Trump's announcement post on Truth Social, he said that the doubled tariffs would come into effect on Wednesday, June 4. Although it's worth noting that other tariff threats—such as the proposed 50% charge on the E.U. and the majority of Trump's 'reciprocal' tariffs that he announced on April 2—have been temporarily paused to allow time for negotiations. It remains to be seen if an extension will be granted for this new June 4 date. The back-and-forth on tariff dates and rates has left many businesses in limbo, though Felix Tintelnot, professor of economics at Duke University, says that with steel and aluminum, the Administration has generally followed through on the timings they've announced. The question, he says, is how long the 50% will stand, as he's seen the rates 'flip-flopping all the time.' Tintelnot argues that the resulting uncertainty is causing real harm to U.S. businesses and thus, in turn, impacting workers, despite Trump's claims that the tariffs will bring large amounts of money to the U.S. steel industry. 'We're talking about expansion of capacity of heavy industry that comes with significant upfront investments, and no business leader should take heavy upfront investments if they don't believe that the same policy is there two, three, or four years from now,' Tintelnot says. 'Regardless of whether you're in favor [of] or against these tariffs, you don't want the President to just set tax rates arbitrarily, sort of by Executive Order all the time.' Though Tintelnot agrees that the escalated tariffs should help the domestic steel industry, he says it will be coinciding with struggles in other U.S. industries as a result of the increase. 'So, this is expected to raise the price of aluminum, 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 warns. '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 USW (Unity and Strength for Workers, most commonly referred to as United Steelworkers)—a trade union of steelworkers across North America— said in a statement that the increase will have a negative impact on Canada's industries and jobs. 'This isn't trade policy—it's a direct attack on Canadian industries and workers,' said Marty Warren, United Steelworkers national director for Canada. 'Thousands of Canadian jobs are on the line and communities that rely on steel and aluminum are being put at risk. Canada needs to respond immediately and decisively to defend workers.' Meanwhile, Bea Bruske, president of the Canadian Labour Congress, said that the plan to double tariffs is a 'direct attack on Canadian workers and a reckless move' and warned that it "could shut Canadian steel and aluminum out of the U.S. market entirely and put thousands of good union jobs at risk." Speaking about the tariffs overall, Canada's Prime Minister Mark Carney said on Friday that he intends to jumpstart and fast track national building projects throughout the country to respond to Trump's trade war, 'ensuring that the Canadian government becomes a catalyst for, not an impediment to, nation-building projects that will supercharge growth in communities, both large and small.' Other international lawmakers, meanwhile, have voiced their disapproval of Trump's tariffs escalations. Australia's Minister for Trade and Tourism, Don Farrell, said that Trump's doubled charges were 'unjustified and not the act of a friend.' Contact us at letters@
Yahoo
an hour ago
- Business
- Yahoo
Trade Secretary to meet US counterpart in bid to secure steel tariff exemption
The Trade Secretary will meet his US counterpart next week as the UK seeks to set a timeline for its exemption from US President Donald Trump's steel tariffs. The meeting will come after Mr Trump said he was doubling tariffs on imports of steel from 25% to 50%. The UK struck a deal with Washington for import taxes on its steel to be removed weeks ago, but its implementation has not been finalised. Trade officials and negotiators are planning to speak to the US as soon as they can to understand the implications of Mr Trump's latest steel tariffs. They want to secure a timeline for the UK-US deal to be implemented as quickly as possible in the coming weeks. Jonathan Reynolds will meet US trade representative Jamieson Greer to discuss timings for the deal to be in place when both attend the OECD (Organisation for Economic Co-operation and Development) meeting in Paris next week. Earlier this week, a federal court blocked many of the sweeping Trump tariffs imposed on imports from countries around the world, but left some in place, including those on foreign steel and aluminium. On Thursday, a federal appeals court said it was allowing Mr Trump to continue collecting import taxes for now. On Friday, Mr Trump announced he would double the tariff rate on steel to 50%, starting on June 4. A Government spokesperson said: 'The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel. 'We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for industry.' The agreement, known as the economic prosperity deal, is expected to be presented to Parliament before it comes into force.
