US President Donald Trump on Friday said his administration will increase tariffs on steel to 50% from 25%. Speaking at the US Steel’s Mon Valley Works–Irvin plant in suburban Pittsburgh, Trump said that the higher tariff on steel will secure the steel industry in the United States.
“We are going to be imposing a 25% increase. We’re going to bring it from 25% to 50%—the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,” Trump said.
Later, in a post on his social media platform Truth Social, Trump said that tariffs on steel and aluminium would increase from 25% to 50%, effective Wednesday, June 4.
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN,”Trump said on his social media platform Truth Social.
Earlier on February 11, Trump increased tariffs on steel and aluminium to 25% from 10%.
During his 2024 presidential campaign, Trump announced plans to work with Congress to pass the Reciprocal Trade Act. This act would grant him the authority to raise tariffs on specific foreign goods to the level imposed by those countries.
In a campaign video, Trump said that the Reciprocal Trade Act will force other countries to either get rid of their tariffs on the US or pay hundreds of billions of dollars.
“Under the Trump Reciprocal Trade Act, other countries will have two choices, they’ll get rid of their tariffs on us, or they will pay us hundreds of billions of dollars, and the United States will make an absolute fortune,” Trump said in a campaign video.
Trump said that if any country imposes a 100% or 200% tariff on goods manufactured in America, they will also impose the same tariff in response.
“If India, China, or any other country hits us with a 100 or 200% tariff on American-made goods, we will hit them with the same exact tariff. In other words, 100 per cent is 100 per cent. If they charge us we charge them — an eye for an eye, a tariff for a tariff, same exact amount,” he said.
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