Trump Doubles Down: Steel and Aluminum Tariffs Soar to 50%

In a bold economic move, President Donald Trump announced an aggressive hike in tariffs on foreign imports of steel and aluminum, increasing the levy from 25% to 50%. Speaking at a rally in Pennsylvania, Trump emphasized the decision as crucial to bolstering the U.S. steel industry.

Trump's announcement marks a continuation of his administration's hardline stance on trade, aimed at reinforcing national industries. He cited a $14.9 billion agreement between Nippon Steel and U.S. Steel as evidence of success in securing American jobs. Additionally, he noted the broadened scope of the tariffs to include aluminum products, effective June 4.

The market reacted swiftly, with shares of Cleveland-Cliffs Inc surging 26% post-announcement. However, the increased trade tensions with China may disrupt global markets further. Trump's commitment to reviving the domestic manufacturing sector by leveraging tariffs underscores the administration's focus on recalibrating international trade dynamics to favor U.S. interests.

(With inputs from agencies.)