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Donald Trump has announced plans to double tariffs on steel imports from 25 per cent to 50 per cent in order to bolster the US steel industry. The president made this announcement at a rally in Pennsylvania where he also highlighted a $15bn partnership between Nippon Steel and US Steel.
Trump stated that the increased tariffs on steel imports would further secure the American steel industry, preventing other countries from undercutting domestic production. This move comes after the president imposed a 25 per cent tariff on steel and aluminium earlier this year as part of his global trade war.
Despite a recent ruling deeming some of Trump’s tariffs illegal, the president remains committed to his aggressive trade policies. His unpredictable approach to tariffs has caused uncertainty among businesses and led to market volatility.
While the US recently reached a trade agreement with China to lower tariffs, tensions have resurfaced as Trump accuses Beijing of violating the terms of the deal. The steel tariff escalation is just the latest development in the ongoing trade disputes between the US and its trading partners.
Trump’s endorsement of a partnership between Nippon Steel and US Steel, a deal he initially opposed, signals a shift in his stance on foreign investments in American companies. He praised the agreement as a significant investment in the American steel industry, with Nippon committing billions of dollars to expand production and modernize facilities across multiple states.