Trump Announces Doubling of Steel Tariffs to 50%, Aims to Boost US Steel Industry

President Donald Trump announced plans to increase tariffs on steel imports from 25% to 50%. Speaking at a rally at a US Steel plant near Pittsburgh, Trump stated, “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. Nobody’s going to get around that.”

Trump’s announcement came during a visit to support an expected deal between United States Steel Corp. and Japan’s Nippon Steel Corp. He highlighted that the new partnership “will create at least 70,000 jobs and add $14 billion to the US Economy.” Former President Joe Biden had previously blocked the partnership for national security reasons, but Trump has since reversed this decision.

Trump believes the increased tariffs will protect the domestic steel industry. He had previously imposed a 25% tariff on steel and aluminum imports, along with automobile tariffs and a baseline 10% tariff on all imports. However, real estate experts warn that higher steel tariffs could slow down construction, exacerbate the housing shortage, and drive up rent. The White House has not yet commented on the announcement.