TMTPOST -- U.S. President Donald Trump would double steel tariffs in bid to strengthen the local industry.
Credit：China Central Television
Trump announced on Friday he was hiking the tariff rate on steel and aluminium imports to 50% a rally in Pennsylvania. “We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” Trump said during remarks at U.S. Steel’s Irvin Works in West Mifflin.
Trump touted that the tariff hike would “even further secure the steel industry in the United States”, adding that “nobody is going to get around that.”
Trump told people in the U.S. Steel plant that he previously considered a 40% tariff, but changed his mind after industry experts recommended a rate of 50%. “At 25% they can sorta get over that fence,” Trump said. “At 50% nobody’s getting over that fence.”
In a social media post later Friday, Trump said the 50% tariff would take effect on June 4, the upcoming Wednesday, and declared “this will be yet another BIG jolt of great news for our wonderful steel and aluminum workers.”
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!” Trump wrote on his Truth Social platform.
Trump visited the U.S. Steel after he expressed support for a “partnership” between the company and Nippon Steel, a sign paving the way for the Japanese steelmaker’s proposed acquisition.
The partnership “will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy,” Trump on May 23 posted on his social media platform Truth Social. Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.”
During his remarks on Friday, Trump said the U.S. Steel deal would bring in “billions and billions of dollars” in steel equipment to the United States. Later that day, Trump told reporters he had not approved the final deal.
Trump in his speech highlighted promising outlook of the industry, stating all steel workers will keep their jobs, and all facilities in the U.S. “will remain open and thriving.” "There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well deserved $5,000 bonus," said the president.
In filing with the Securities and Exchange Commission on April 8, U.S. Steel disclosed deal would lead to a merger and the company will become a wholly owned subsidiary of Nippon Steel North America, though remain independent operation.
Pennsylvania Senator Dave McCormick on Tuesday told CNBC U.S. Steel will have an American CEO and a majority of its board members will be from the U.S.
“It’s a national security agreement that will be signed with the U.S. government,” McCormick said.” “There’ll be a golden share that will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren’t cut.”
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