US President Donald Trump has now announced to increase the tariff on steel coming from abroad. He told the steelworkers of Pennsylvania on Friday that they were going to double the tariff on steel imports to protect their industry. Now the tariff on foreign steel imports will be increased to 50 percent. This tariff was earlier 25 percent, which will now be increased to 50 percent. On social media platform Truth social, US President Donald Trump gave this information in a post. He said that aluminum tariffs will also be doubled to 50 percent and both tariffs will be implemented from Wednesday.
Trump posted on Truth Social.
Trump’s big deal with Japan
Apart from this, Trump also announced a big deal with Japan. He said that Japan’s Nippon Steel would invest in the reputed American steelmaker. Although Trump initially vowed to stop the Japanese steelmaker bid to buy Pittsburgh -based US Steel, he changed his stand and announced an agreement for ‘partial ownership’ by Nippon last week. Inaugurating a program in a US steel warehouse, Trump said, “We have come here today to celebrate a blockbuster agreement, which will ensure that this famous American company remains an American company.” He said, “You will remain an American company, you know this, right?”
Steel prices increased
In addition, Trump said about the tariff that doubled the tariff on imported steel will “be even more secure in the US”. However, imposing tariffs in this way will also increase steel prices. According to the government’s productive price index, steel prices have increased by 16 percent since Trump became President in mid -January. According to the US Department of Commerce, by March 2025, steel in the United States costs 984 US $ 984 per metric ton, which is much higher than the price of Europe ($ 690) or China (US $ 392).
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