Trump to Double Steel Tariffs

Donald Trump is doubling his tariff on steel imports to 50% from 25%, Kallanish reports.

Trump revealed the news May 30 during a rally at the US Steel’s Irving Plant in West Mifflin, Pennsylvania. In a social media post later, he specified that the 50% levy goes into effect on Wednesday.

Trump was at the Irving Plant, part of Mon Valley Works, for the rally celebrating apparent investment promises by Japan’s Nippon Steel. He says the new tariff level would help ensure that the tentative “planned partnership” between Nippon and US Steel achieves success.

More broadly, Trump says he doubled the steel tariff to create a more impenetrable barrier to foreign steel competing against US domestic steel. He explains that the 25% tariff potentially could be overcome by some overseas exporters.

“At 50%, they can no longer get over the fence,” the president said.
One domestic steel association immediately lauded the move. The American Iron and Steel Institute issued a statement noting that Chinese steel production was 118 million tons last year, unfairly exceeding total North American volumes.

“Led by China, global steel overcapacity and production continues to grow, even as overall global steel demand is being impacted by the sharp downturn in the Chinese construction sector,” AISI president and chief executive Kevin Dempsey comments.

Source: EuroMetal.net