President Trump will double tariffs on steel imports to the US.
The President made the announcement on Friday, at a US Steel plant in Pennsylvania. He said the tariff rise would “even further secure the steel industry in the United States,” and he also hailed Nippon Steel’s acquisition bid for the US company.
Trump described the $14.9 billion acquisition of US Steel, which he had previously vowed to block, as a “partnership” that was vital to the future of steel production in the US.
“We’re here today to celebrate a blockbuster agreement that will ensure their storied American company stays an American company,” he said.
He also promised every steelworker a $5,000 bonus and called the area a “golden belt” of the future.
“Washington betrayals” were to blame for the decline of steelmaking in the US, the President added, as he warned against relying on “shoddy steel from Shanghai.”
On Truth Social after the event, President Trump said the tariff change would come into effect this coming Wednesday.
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th,” the President posted.
“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!”
The announcement of higher tariffs on these two key metals came a day after a federal appeals court ruled the President’s tariffs could remain in place, after a trade court ruled they were invalid. According to the appeals court, the tariffs are valid under Section 232 of the Trade Expansion Act, which allows the president to impose tariffs for reasons of national security.