Trump Elevates Trade Tensions with Higher Steel Tariffs

President Donald Trump plans to double tariffs on imported steel, escalating tensions in his ongoing trade war. The announcement came during a speech in Pennsylvania, where Trump emphasized securing U.S. steel jobs, coinciding with a major deal between Nippon Steel and U.S. Steel.

Scheduled to take effect on June 4, the tariff hike is part of Trump's broader strategy to bolster domestic manufacturing. The decision follows accusations against China for not honoring previous trade agreements. The doubled tariffs are expected to increase steel prices across various industries.

As the U.S. remains the largest steel importer, these measures could have extensive economic repercussions. The initial 25% tariffs were among Trump's early actions in office, and the new increase reflects his intent to fortify the U.S. steel sector further.

(With inputs from agencies.)