HAMILTON (Canada), May 31 — US President Donald Trump announced a major increase on Friday in tariffs on steel and aluminium imports, doubling the rate from 25 per cent to 50 per cent, in what he described as a move to further protect American industry.
"Today, I have a major announcement," Trump said during a rally at a US Steel facility in Pittsburgh, Pennsylvania.
"We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent the tariffs on steel into the US, which will even further secure the steel industry in the US, nobody's going to get around that," Trump said, according to Anadolu Ajansi.
He argued that the increase would close gaps that foreign competitors have used to bypass previous tariffs.
"So, we're bringing it up from 25 per cent, doubling it to 50 per cent and that's a loophole," he added.
Addressing investors in the US steel sector, Trump said: "At 25 per cent, they can sort of get over that fence. At 50 per cent, they can no longer get over the fence, so congratulations to everybody, and to you, for making a great deal."
"I said the tariff to me is the most beautiful word in the dictionary," Trump added.
The announcement came at a rally to mark the “blockbuster agreement" between Nippon Steel and US Steel.
"We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company," he said.
Calling Japan's Nippon Steel a great partner, Trump said: "Japan has been a tremendous friend of mine during my years as president."
"As part of this monumental commitment, Nippon will invest US$2.2 billion to increase steel production here in Mon Valley Works, he said, referring to the steel processing plant.
"Another US$7 billion will be invested to modernise steel mills, expand ore mines, and build state-of-the-art facilities in Indiana, Minnesota, Alabama, and Arkansas,” he said. “It will create and save over 100,000 American jobs."
— Bernama
