“We’re going to raise it from 25% to 50%, the tariffs on steel entering the United States of America,” he stated during a speech at a US Steel facility in Pennsylvania.
“Nobody’s going to circumvent that,” he emphasized in front of blue-collar workers in the pivotal state that contributed to his election success last year.
Shortly thereafter, Trump took to Truth Social to declare that the higher rate would also affect aluminum, with the new tariffs “effective Wednesday, June 4th.”
Since resuming the presidency in January, Trump has applied extensive tariffs on both allies and rivals, disrupting the global trade landscape and unsettling financial markets.
He has also introduced specific levies targeting various sectors, including automobiles.
On Friday, he defended his trade stance, claiming that tariffs are crucial for protecting US industries.
He remarked that the steel facility where he was speaking would not be operational without the metal import duties imposed during his first term.
Devil in the details
Trump highlighted a prospective partnership between US Steel and Japan’s Nippon Steel, although he provided few new details on a previously contentious deal.
He emphasized that, despite the planned partnership, “US Steel will remain under US control.”
He assured that there would be no layoffs or job outsourcing from the company.
Upon his return to Washington late Friday, Trump informed reporters that he had not yet approved the deal.
“I need to approve the final deal with Nippon, and we haven’t received that yet, but they’ve made a significant commitment,” Trump noted.
Last week, Trump reaffirmed that US Steel will keep its headquarters in Pittsburgh and stated that the Nippon arrangement aims to create at least 70,000 jobs and add $14 billion to the US economy.
During his speech in Pennsylvania, he mentioned that as part of its investment, Nippon would contribute $2.2 billion to enhance steel production at the Mon Valley Works-Irvin plant where he spoke.
An additional $7 billion would be allocated for modernizing steel mills, expanding ore mining, and developing facilities in states such as Indiana and Minnesota.
A proposed $14.9 billion acquisition of US Steel by Nippon Steel had previously faced bipartisan political opposition. Former president Joe Biden had blocked the deal on national security grounds just before leaving office.
Concerns about the new partnership remain prevalent.
The United Steelworkers union (USW), which represents thousands of hourly workers at US Steel locations, stated after Trump’s remarks that it had not engaged in talks regarding Nippon Steel or the Trump administration, “nor were we consulted.”
“We cannot speculate on the implications of the ‘planned partnership,'” remarked USW International President David McCall in a statement.
“Regardless of the deal’s structure, our main concern lies with the potential impact that this merger into a foreign competitor could have on national security, our members, and the communities where we live and work,” McCall added.
“The devil is always in the details,” he concluded.
Trump had opposed Nippon Steel’s takeover proposal during his campaign but has since indicated a willingness to consider some form of investment following his return to the presidency.
