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US President To Increase Steel Tariffs To 50 Pct
(MENAFN- The Peninsula)
QNA
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.
Speaking at a rally in Pennsylvania, Trump said Washington will impose a 25% hike, raising tariffs on steel imports into the United States from 25% to 50% in a bid to strengthen the domestic steel industry.
He said that the $14.9 billion US Steel-Nippon Steel deal would help preserve jobs for American steelworkers, emphasizing 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 would go into effect on Jun. 4. Analysts expect the new tariffs to widely increase steel prices, negatively impacting both industry and consumers.
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