U.S. President Trump has once again imposed high tariff penalties on steel exports to the U.S. He announced that the tariff rate on steel imports will be doubled from the current 25% to 50% to further protect the American steel industry.
Trump made this announcement while visiting a U.S. Steel company plant in Pennsylvania on the 30th, stating, "25% barely lets them get by, but 50% will completely block foreign steel imports, making it an insurmountable barrier."
Trump claimed that his tariff policies have saved the U.S. steel industry, preventing factory closures and reliance on foreign supplies.
He confidently stated that America's steel and aluminum industries are recovering at an unprecedented pace, "This will once again bring great news to our excellent steel and aluminum workers, making America great again!"
Trump later posted on social media that the aforementioned tariffs will take effect from June 4.
On March 12, Trump imposed a comprehensive 25% tariff on all steel and aluminum imported into the U.S., which immediately provoked retaliatory measures by Canada and shocked the U.S. auto industry. The European Union announced retaliatory tariffs against the U.S. but later decided to shelve them.
According to U.S. Department of Commerce data, last year the U.S. imported a total of $31.3 billion worth of iron and steel. Canada is the largest steel supplier to the U.S., exporting a total value of $7.6 billion to the U.S.