President Donald Trump announced that he is increasing tariffs on imported steel to 50%, a sharp increase that could further raise the cost of the metal used in home building, auto manufacturing and other goods.
Mr. Trump spoke at U.S. Steel's Mon Valley Works–Irvin plant in West Mifflin, Pa., to discuss an investment by Japan's Nippon Steel.
Since Mr. Trump took office, steel prices have risen about 16 percent, according to the government's producer price index.
Mr Trump said US Steel would remain an American company under an agreement over Japan's Nippon investment in the steelmaker, but some details of the deal remain unclear.
“We are here today to celebrate a major agreement that will keep this great American company American,” Mr. Trump said as he opened the event at a U.S. Steel warehouse near Pittsburgh.
“You will remain an American company, won't you?”
Mr Trump said increasing tariffs on imported steel would “further protect the U.S. steel industry.” However, such a sharp increase could lead to even higher prices.
Employees, Trump supporters, local officials and others filled one of the large warehouses on the Irvine auto plant site to hear Mr. Trump speak.
Huge American flags hung from the ceiling, and a banner read: “Golden Age.”
Workers in orange hard hats and work clothes moved around the warehouse, and part of the concrete floor was littered with large rolls of shiny sheet steel, produced at the plant and used to make appliances, doors and other products.
Although Trump initially promised to block a Japanese steelmaker's bid to acquire Pittsburgh-based US Steel, he changed his mind and last week announced an agreement that he called a “partial ownership” of Nippon.
However, it is not yet clear whether the deal involving his administration has been completed and how the ownership will be structured.
Mr Trump has stressed that the agreement would ensure continued American control of a company seen as a symbol of political significance and important to supply chains in industries such as autos and to national security.
Mr Trump, who has been eager to make deals and announce new investments in the US since returning to the White House, is also trying to please voters, including workers, who backed him as he called for protecting American manufacturing.
US Steel has not yet provided investors with any details of the updated deal. Nippon Steel has issued
Sourse: breakingnews.ie
