(ZeroHedge)—President Trump announced late on Friday that his administration will double tariffs on steel imports from 25% to 50%, saying the move would help protect American steelworkers during a visit to a United States Steel Corp. plant in Pittsburgh on Friday focused on boosting the US steel industry.
Trump was visiting the plant to champion an expected deal between United States Steel Corp. and Japan’s Nippon Steel Corp. as one that would ensure the iconic American firm remains US-owned and operated, even as details on the agreement remain vague. He said the new tariffs would benefit the new venture’s US operations.
“We’re going to bring it from 25 to 50 percent on steel into the United States of America, which will even further secure the steel industry in the United States,” Trump said during remarks at a steel factory in Pittsburgh, flanked by banners that read “The Golden Age,” “American Jobs” and “American Steel.”
Trump previously imposed a 25% tariff on steel and aluminum imports, arguing it would boost the US steel industry. Those were in addition to tariffs on automobile tariffs, and a baseline 10% tariff on all imports.
Those tariffs have faced legal scrutiny and skepticism from Wall Street and critics on both sides of the aisle, who have warned that the tariffs will ultimately lead to price increases for consumers. Trump and his allies have insisted the tariff threats, which have often been delayed or revised, have been effective at bringing other countries to the negotiating table.
The five largest sources of imported steel into the US are Canada, Brazil, Mexico, South Korea and Vietnam.
The president’s announcement came as part of an event to tout what Trump called a “blockbuster” agreement between U.S. Steel and Japanese-owned Nippon Steel.
“I believe that this group of people that just made this investments right now are very happy, because that means that nobody’s going to be able to steal your industry,” Trump said. “It’s at 25%, they can sort of get over that fence, at 50% they can no longer get over the fence.”
The new 50% level also offers a backstop for Trump’s promise that the US Steel-Nippon deal, which he opposed on the campaign trail, would benefit steelworkers in the critical battleground state of Pennsylvania. The deal was opposed by the United Steelworkers, who worried Japanese ownership could see capacity reduced and jobs shifted to other plants.
“We’re here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,” Trump said in remarks from a factory in Allegheny County. “We’re going to have a great partner. And I have to tell you, Japan has been a tremendous friend of mine during my years as president.”
Trump’s decision marked a stunning reversal on a transaction that he had fiercely opposed on the campaign trail, but the president cast the shift as coming with concessions from Nippon Steel that benefitted steelworkers.
“Everytime they came in, the deal got better and better and better for the workers,” Trump said, stressing that US Steel would remain headquartered in Pittsburgh.
The president last week cast it as a “planned partnership” bringing investments to the US — not as an outright sale of an American company. Even after Trump’s announcement last week, work continued on the terms, including what veto powers the US government will retain over the board of the US Steel subsidiary.
“In Washington, I’m going to be watching over it, and it’s going to be great,” Trump said.
The Friday event caps what has been a politically contentious and tumultuous path for Nippon Steel’s bid to purchase an iconic American firm, a lengthy saga that left both companies in limbo. Nippon Steel initially proposed a $14.1 billion transaction for US Steel.
The event also had the tone of a victory lap, with Trump receiving a Pittsburgh Steelers jersey and a golden hard hat during his visit, but despite the celebratory tone, critical details on the deal were unclear ahead of Friday’s event. Investors are eager for any insight into the agreement a week after he first announced that he would approve the deal.
Last week Trump announced a new partnership between U.S. Steel and Nippon on social media, saying it “will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy.”
U.S. Steel’s fate had been uncertain dating back to December 2023, when Japan-based Nippon steel said it planned to acquire the Pittsburgh-based company. The fate of U.S. Steel became a hot button issue during the 2024 campaign, particularly given its headquarters was in a key battleground.
Both Trump and former President Biden had opposed the sale of U.S. Steel. Biden blocked the sale shortly before leaving office, citing national security reasons.
Advocates for a deal between Nippon Steel and US Steel have long argued that the Japanese company would help revitalize the American firm with investments. But the deal also faced resistance from the powerful United Steelworkers union that operates US Steel mills across the country.
The next steps to consummate the deal are not entirely clear. Both sides need to finalize their agreement through the Cfius review process. It’s not clear whether the text of any mitigation agreement — which is likely to spell out what powers the US government retains — is finalized.
Trump invited on stage former Pittsburgh Steelers player Rocky Bleier and current Steelers players Mason Rudolph and Miles Killebrew, who presented the president with a football jersey to express their appreciation. But as the Hill notes, the intended focus was on Trump’s attempts to revive the steel industry. The president argued other presidents had ignored the steel industry at the expense of places like Pittsburgh.
The US was the world’s fourth-largest steel producing nation as of 2023, according to the World Steel Association. It is also the world’s largest steel importer, excluding the European Union, according to the International Trade Association.
“Decades of Washington betrayal and incompetence and stupidity and corruption cost this region over 100,000 steel jobs, and they melted away just like butter melts away,” Trump said.
Shares of other US steel companies including Nucor Corp., Cleveland-Cliffs Inc. and Steel Dynamics Inc. rallied in after-hours trading.
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