US President Donald Trump has announced that tariffs on steel imports to the US will be increased by 50%, which is twice the current rate, CNN reports.
“We are going to increase tariffs on steel in the United States by 25%, from 25% to 50%,” he said during a speech at a US Steel plant near Pittsburgh, Pennsylvania.
Trump added that he was considering a 40% tariff, but industry leaders told him they wanted a 50% tariff.
“At 25%, they can somehow get around this fence. At 50%, nobody will get around this fence,” the US president added.
He later wrote that tariffs on steel and aluminum would be increased to 50% starting Wednesday, June 4.
“I am honored to raise tariffs on steel and aluminum from 25% to 50% starting Wednesday, June 4. Our steel and aluminum industries are reborn like never before. This will be another big boost of great news for our great steel and aluminum workers. Let’s make America great again!” he wrote.
Earlier, the Experts Club analytical center released a global analysis of steel production by the world’s leading countries. For more details, follow the link: https://youtube.com/shorts/VgUU9MEMosE?si=EZIE-o9jE0w2O9Z_
