Trump's Tariff Surge: Steel War Intensifies

In a significant move to fortify the domestic steel industry, U.S. President Donald Trump announced his intention to increase tariffs on foreign steel imports from 25% to 50%. Speaking at a Pennsylvania rally on Friday, Trump emphasized his commitment to strengthening trade measures, intensifying pressure on global steel producers.

The tariff upsurge will be enforced next week, further advancing the administration's earlier strategies implemented since Trump's return to office in January. Initially, tariffs of 25% on both steel and aluminum were introduced in March, targeting major exporters, including a temporary consideration of Canadian steel without full execution.

Utilizing Section 232 national security authority, the broadened import taxes encompass a wide range of products beyond raw metals, affecting diverse items such as stainless steel sinks and horseshoes. The 2024 import value for 289 product categories, predominantly aluminum and steel, stands at $147.3 billion, underscoring the substantial scope of economic impact triggered by these tariffs.

(With inputs from agencies.)