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Trump Says He Will Double US Steel Tariffs To 50%

 President Trump announced on Friday that tariffs on steel imports will be increased from 25% to 50% to protect American steelworkers. This announcement was made during a visit to a U. S. Steel plant in Pittsburgh, where he highlighted a new agreement between U. S. Steel and Japan's Nippon Steel.

• Trump claims the increased tariffs will secure the U. S. steel industry and benefit the new partnership between U. S. Steel and Nippon Steel.

• The decision to raise tariffs aims to make it difficult for foreign competition to penetrate the U. S. market.

• Previous tariffs of 25% on steel and aluminum were implemented with the same goal of boosting the domestic steel industry.

• There has been skepticism about the effectiveness of tariffs, with critics warning they might lead to higher prices for consumers.

• The five main sources of imported steel into the U. S. are Canada, Brazil, Mexico, South Korea, and Vietnam.

• The agreement between U. S. Steel and Nippon Steel is described as a “blockbuster” deal expected to keep U. S. Steel American-owned.

• Trump noted that American workers would benefit from this partnership and sought to reassure steelworkers in Pennsylvania, where U. S. Steel is located.

• U. S. Steel's future was uncertain after Nippon Steel's initial offer for acquisition was proposed at $14.1 billion.

• Both Trump and former President Biden had previously opposed the sale of U. S. Steel, with Biden citing national security concerns.

• The agreement needs further finalization, including a review process that outlines U. S. government powers over the subsidiary.

• The event was celebratory, and Trump was presented with a Pittsburgh Steelers jersey and hard hat, symbolizing his connection to the region.

Trump's tariff increase and partnership announcement aims to revitalize the American steel industry, drawing mixed reactions regarding its potential impacts. The future steps for the U. S. Steel-Nippon Steel deal remain unclear, with further negotiations needed to finalize terms.

https://www.zerohedge.com/markets/trump-says-he-will-double-us-steel-tariffs-50

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