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US President Donald Trump on Friday announced to double the tariff on foreign steel. He said that its purpose is to promote the American steel industry. Speaking at US Steel’s Mon Valley Works-Irvine plant in Pennsylvania, Donald Trump said that this increase in tariff will strengthen American manufacturing.
Trump told American steelworkers that he is going to increase the tariff on foreign steel from 25 percent to 50 percent. The US President has said that he is going to double the tariff rate on steel to 50 percent, which could further increase the prices of metal used to make housing, autos and other goods.
16 percent increase in the price of steel products
Trump was speaking at US Steel’s Mon Valley Works-Irvine plant in West Mifflin, Pennsylvania on Friday to announce an investment by Japan’s Nippon Steel. According to the government’s producer price index, the price of steel products has increased by about 16 percent since Trump became president.
Steelmaker to remain under US control
Trump is holding a rally in Pennsylvania to celebrate a deal by Japan-based Nippon Steel to invest in US Steel, which he says will keep the steelmaker under US control. Employees, Trump supporters, local officials and others crowded into a huge warehouse on the grounds of the Irvine finishing plant to hear Trump speak about the deal.
US Steel Union questions deal
Although Trump initially vowed to block the Japanese steelmaker’s bid to buy Pittsburgh-based US Steel, Nippon has consistently said it would invest in US Steel’s plants only if it fully owned the company, the United Steelworkers union said in a statement. In the past few days, we have not seen any reporting indicating that Nippon Steel has decided to back down from this position. Contrary to Trump’s claim, if Nippon Steel gains ownership of US Steel, US Steel will no longer be an American company.
