Trump doubles foreign steel tariffs to 50%

• President Trump announced a doubling of tariffs on foreign steel from 25 per cent to 50 per cent during an event celebrating a "partnership" between U.S. Steel and Japan's Nippon Steel.
• Trump characterised the deal as an investment and partnership, while reports suggest it's an acquisition of U.S. Steel, with the steelworkers union reserving judgment until more information is available.
• The proposed merger, once blocked by President Biden due to national security concerns, is now framed by Trump as beneficial, promising a $14 billion investment from Nippon Steel into U.S. Steel.
• Union President David McCall expressed skepticism, emphasising the need for binding commitments and cautioning against trusting Nippon Steel due to past trade law violations.
• Trump claimed the deal would keep US Steel's headquarters in Pittsburgh, maintain full blast furnace capacity for 10 years, and create or save over 100,000 American jobs, though details of the agreement remain unclear.

IN FULL

Trump hails Japan’s US Steel deal in Pittsburgh rally as he doubles steel tariffs to 50%