Trump Set to Double Steel, Aluminum Tariffs to 50%

The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024

- Reuters

WEST MIFFLIN: US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. "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," he said at a rally in Pennsylvania.

Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel.

Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US.

He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday.

Shares of steelmaker Cleveland-Cliffs Inc surged 26% after the market close as investors bet the new levies will help its profits.