President Donald Trump announced he was doubling tariffs on imported steel to 50%, a significant increase that could further raise prices for 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 American under a deal involving Japan's Nippon investment in the steelmaker. Only partial details of the deal have been released.
“We are here today to celebrate a landmark agreement that will keep this iconic 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 added that doubling tariffs on imported steel would “further protect the U.S. steel industry.” However, such a sharp increase could lead to further price increases.
Trump supporters, local officials and others filled one of the massive warehouses on the grounds of the Irvine auto finishing plant to listen to Mr. Trump speak.
Huge American flags fluttered from the ceiling, and a banner read: “Golden Age.”
Steelworkers in orange hard hats and work clothes moved around the warehouse, and part of the cement floor was littered with large rolls of shiny sheet steel, produced at the plant and destined for appliances, doors and other products.
While Trump initially promised to block a Japanese steelmaker's bid to acquire Pittsburgh Steel, he reversed his stance and last week announced an agreement he called a “partial ownership” of Nippon.
However, it is not yet clear whether the deal, which involved his administration, has been completed and how the ownership structure will be implemented.
Mr Trump stressed that the deal would preserve American control of a company seen as a political symbol and important to the country's supply chain, including 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 by urging them to protect American manufacturing.
U.S. Steel has not publicly provided any details of the updated deal to investors. Nippon Steel issued a statement endorsing the proposed “
Sourse: breakingnews.ie
