Donald Trump said he was doubling tariffs on imported steel to 50% at a rally celebrating a “partnership” deal between US Steel and Japan-based Nippon Steel on Friday.
Speaking in front of an audience of steelworkers, the US president said: “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.”
The surprise announcement, which contained no further detail, was cheered by the crowd at a US Steel plant in West Mifflin, Pennsylvania. Trump added: “Nobody is going to get around that.”
He spoke after US markets closed for the weekend. But the increase, set to take effect next week, is likely to create fresh economic turmoil.
Here are the key stories of the day:
Trump announces 50% steel tariffs
The US president announced he was doubling foreign tariffs on steel imports to 50%, as he celebrated a “blockbuster” agreement for Japan-based Nippon Steel’s to invest in US Steel during a rally in Pennsylvania.
Surrounded by men in orange hardhats, Donald Trump unveiled the tariff rate increase as he spoke at a US Steel plant in West Mifflin, declaring that the dramatic hike would “even further secure” the US steel industry.
It was not immediately clear how the announcement would affect the trade deal with the UK, negotiated earlier this month, that saw tariffs on steel and aluminium from the UK reduced to zero.