President Donald Trump announced he will double tariffs on all imported steel to 50%, intensifying his trade efforts to protect the U.S. steel industry.
The move follows a $13 billion deal where Japan’s Nippon Steel acquires nearly all shares of U.S. Steel.
Since Trump’s original 25% tariffs in March, steel production and employment have risen significantly. Trump emphasized the tariffs will secure American steel jobs, especially in Rust Belt states.
He promised no layoffs or outsourcing and a $5,000 bonus for steelworkers. However, the U.S. Chamber of Commerce warns higher tariffs could increase costs for manufacturers and consumers, reducing global competitiveness.
