U.S. announces tariff increase on steel and aluminum imports
by National Marine Manufacturers Association 4 Jun 00:56 BST
U.S. announces tariff increase on steel and aluminum imports © National Marine Manufacturers Association
On May 30, President Donald Trump announced that Section 232 tariffs on imported steel and aluminum will double from 25% to 50%, effective Wednesday, June 4. The announcement was made during a speech at U.S. Steel's Mon Valley Works-Irvin Plant near Pittsburgh PA and later confirmed in a Truth Social post.
In his remarks, President Trump stated the move would "even further secure the steel industry in the U.S." He also referenced a developing agreement involving Japan's Nippon Steel and U.S. Steel, which he said would involve significant investment while keeping U.S. Steel headquartered in Pittsburgh. Trump noted that he has not yet formally approved the deal, which remains under review.
Global Reactions and Market Impact
The European Commission expressed strong opposition and stated it is preparing countermeasures, noting the move "undermines ongoing efforts to reach a negotiated solution" and "adds further uncertainty to the global economy."
Continue reading the full article here...