President Donald Trump said that US tariffs on steel and aluminum imports will double from 25% to 50%, starting Wednesday. At a Pittsburgh rally Friday, he argued the move would strengthen the US steel industry, reduce reliance on China, and protect jobs.
He also touted a $14 billion steel investment with Japan's Nippon Steel, though he later admitted he hadn't reviewed the final deal. "There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well-deserved $5,000 bonus," Trump told the crowd.
Steelworkers raised concerns about how Japan would honor their union contracts. Trump defended his tariff policies, citing the 25% steel tariffs he imposed in 2018. Despite declining sales and profits, he positioned the 50% tariff increase as crucial for the company's survival.
Meanwhile, the European Commission warned it was prepared to retaliate, raising concerns of a trade conflict between two economic powerhouses.
Source: Trading Economi
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