President Donald Trump has declared that the US will increase its existing tariff rate on steel and aluminium imports from 25% to 50%, effective Wednesday.
During a rally in Pittsburgh, Pennsylvania, Trump stated that this action would support the local steel industry and enhance national supply, while also decreasing dependence on China.
He further mentioned that $14 billion would be allocated to the region’s steel production through a collaboration between US Steel and Japan’s Nippon Steel, although he later informed reporters that he had not yet reviewed or approved the final agreement.
This announcement marks the latest development in Trump’s unpredictable strategy regarding tariffs since he resumed office in January.
“There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well-deserved $5,000 bonus,” Trump told the audience, which was filled with steelworkers, prompting loud applause.
A significant concern among steelworkers regarding the US-Japan trade deal was how Japan would uphold the workers’ union contract that governs pay and hiring.
Trump began his speech by asserting that he had “saved” US Steel, the largest steel manufacturer in America, located in Pittsburgh, thanks to the 25% tariffs he imposed during his first term.
Source: HotFmOnline.com
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