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Trump Plans to Double Tariffs on Aluminum, Steel to 50%
The Straits Times
|June 01, 2025
Move Will Protect US Workers, President Says, But Hike Set to Deepen Global Trade War
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WEST MIFFLIN, Pennsylvania — US President Donald Trump said on May 30 that he planned to increase tariffs on imported steel and aluminum to 50 percent from 25 percent, ratcheting up pressure on global steel producers and deepening his trade war.
He added at a rally in Pennsylvania that the increased steel tariffs would even further secure the steel industry in the U.S.
Mr. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and U.S. Steel.
He said the US$14.9 billion (S$19.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the U.S.
He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on June 4.
Shares of steelmaker Cleveland-Cliffs Inc. surged 26 percent after markets closed as investors bet that the new levies will help its profits.
Diese Geschichte stammt aus der June 01, 2025-Ausgabe von The Straits Times.
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