President Donald Trump announced he’s increasing steel tariffs from 25% to 50% during remarks at a U.S. Steel factory in Pittsburgh on Friday.
Trump said that raising the tariffs, which are not impacted by this week's court ruling blocking many of his levies, would further protect the U.S. steel industry.
“At 25%, they can sort of get over that fence. At 50%, they can no longer get over the fence," Trump said.
Trump imposed a 25% blanket tariff on steel and aluminum imports in March. He also targeted steel and aluminum imports during his first term, levying 25% tariffs on five classifications of steel articles and a 10% tariff on six types of aluminum products in 2018.
Trump was in Pittsburgh to tout Japan-based Nippon Steel’s pending acquisition of U.S. Steel. During his remarks, Trump maintained that the American steel company will remain controlled by the U.S.
The president also promised workers at U.S. Steel a $5,000 bonus and to keep jobs in the country. Trump has additionally touted that Nippon will invest $2.2 billion in U.S. Steel's Pennsylvania plant.
"We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company," Trump said in his remarks.
Nippon initially announced plans to acquire U.S. Steel for $14.9 billion in December 2023 but faced opposition from the Biden administration and the United Steelworkers.
Trump initially opposed the acquisition, saying he would block the deal.
Then-President Joe Biden blocked the deal in January, citing national security concerns and a negative impact on domestic steel production. USW shared the same views, saying the deal would also impact job security.
Trump revived talk of the deal in April, when he ordered the Committee on Foreign Investment in the United States to review the proposal. Earlier this week, Trump announced he supported the deal, calling it a "planned partnership."
