Trump's Tariff Tango: Doubling Down on Steel and Aluminum
President Donald Trump plans to double U.S. tariffs on imported steel and aluminum to 50%, heightening tensions in global trade. This announcement comes amid accusations against China of violating trade agreements. The move may shield U.S. steel jobs but faces backlash from international trade partners.
U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50%, intensifying his ongoing trade confrontation globally. Speaking at a rally in Pennsylvania, Trump emphasized the move as a measure to bolster the U.S. steel industry amid international competition.
The tariff hike follows allegations that China violated a trade agreement to reduce restrictions on critical minerals. Trump's announcement coincided with discussions about a $14.9 billion agreement involving Nippon Steel and U.S. Steel, aimed at preserving American steel jobs.
Meanwhile, the announcement stirred global reactions. Canada's Chamber of Commerce criticized the move as detrimental to North American economic security, while the European Commission expressed readiness to retaliate. Australia's government also condemned the tariff increase, calling it unjustified. The U.S., a major steel importer, may see increased prices affecting industries and consumers.
(With inputs from agencies.)
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