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US President Donald Trump said on Friday that he is doubling the tariff on steel imports to 50 percent, a big increase that could raise prices for steel, which is used in housing, cars, and other products.“We’re going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America, which will even further secure the steel industry,” Trump said.Trump said he had a “major announcement” as he spoke at US Steel’s Mon Valley Works–Irvin Plant in West Mifflin, US state of Pennsylvania, near Pittsburgh, to talk about investments by Japan’s Nippon Steel.“Nobody’s going to get around that,” he added during the speech in front of workers in a state that helped him win the 2016 election.Trump said US Steel will remain an American company under a deal where Japan-based Nippon Steel will invest in the company. Few details about the deal have been shared.“We’re here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,” Trump said at an event in one of US Steel’s warehouses near Pittsburgh. “You’re going to stay an American company, you know that, right?”He said doubling the tariffs on steel imports “will even further secure the steel industry in the US.” But this large increase could cause prices to rise more.Workers, Trump supporters, local officials, and others gathered in a large warehouse at the Irvin plant to hear Trump speak. American flags hung from the ceiling, and a sign read “The Golden Age.” Steelworkers wore orange hard hats and work clothes, and large coils of steel made at the plant filled part of the warehouse floor. The steel is used for appliances, doors, and other products.At first, Trump promised to block the Japanese company’s attempt to buy US Steel, but last week he announced a deal for Nippon Steel to have “partial ownership.” It is not clear if the deal is finalized or how the ownership will be arranged.Trump said he considered a 40 per cent tariff, but industry leaders asked for 50 per cent.“At 25 per cent they can sorta get over that fence,” Trump said. “At 50 per cent nobody’s getting over that fence.”On March 12, Trump imposed 25 per cent tariffs on all steel and aluminum imports. This led to immediate retaliation from Canada and complaints from the US auto industry. The European Union also responded with tariffs but later removed them.
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