Trump Doubles Steel Import Tariff to 50% to Shield American Industry from Cheap Foreign Competition

New Delhi (The Uttam Hindu): Former U.S. President Donald Trump has once again stirred global trade waters by doubling the import tariff on steel. The tariff has been increased from 25% to 50%, effective from June 4, with Trump claiming it is a move to protect American steel companies. This decision is likely to increase the prices of steel-based products, including cars.

In a recent speech, Trump targeted China, stating, "The future of America will not be built with inferior steel from Shanghai, but with the strength and power of Pittsburgh." He expressed concern over the potential loss of 3,000 steel-related jobs in Mon Valley but claimed he kept his promise to save them.

Trump added that the doubling of tariffs is meant to safeguard the U.S. steel industry. He also mentioned that Japan’s Nippon Steel will invest in U.S. Steel but emphasized that U.S. Steel will remain an American-owned company. This announcement was made during his address at a U.S. Steel plant in Pittsburgh.

Trump further clarified that Nippon Steel will no longer be able to acquire U.S. Steel, despite announcing partial ownership last week. While it is still unclear what changes have been made to that deal, Trump mentioned he initially considered a 40% tariff, but raised it to 50% based on industry leaders' advice. “Dodging a 25% tariff was easy,” he said, “but no one will be able to get around a 50% tariff.”