Washington: US President Donald Trump announced his plans to increase tariffs on foreign imports of steel and aluminum from 25% to 50%, escalating pressure on global steel producers and potentially expanding the scope of his trade war.
According to Qatar News Agency, Trump, speaking at a rally in Pennsylvania, stated that Washington will impose a 25% hike, raising tariffs on steel imports into the United States from 25% to 50%. This move aims to strengthen the domestic steel industry.
He highlighted that the $14.9 billion US Steel-Nippon Steel deal would help preserve jobs for American steelworkers. Trump emphasized that the U.S. steel and aluminum industries are set for an unprecedented comeback.
Trump had previously announced that the tariff hike would also apply to aluminum products and is scheduled to go into effect on June 4. Analysts expect the new tariffs to widely increase steel prices, which could negatively impact both industry and consumers.