{"id":265016,"date":"2025-05-31T08:48:23","date_gmt":"2025-05-31T08:48:23","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/trump-doubles-steel-tariffs-to-50-saying-it-will-secure-american-jobs-backs-us-steels-takeover-by-japans-nippon-united-states-steel-nysex\/"},"modified":"2025-05-31T08:48:23","modified_gmt":"2025-05-31T08:48:23","slug":"trump-doubles-steel-tariffs-to-50-saying-it-will-secure-american-jobs-backs-us-steels-takeover-by-japans-nippon-united-states-steel-nysex","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=265016","title":{"rendered":"Trump Doubles Steel Tariffs To 50% Saying It Will &#8216;Secure&#8217; American Jobs, Backs US Steel&#8217;s Takeover By Japan&#8217;s Nippon &#8211; United States Steel (NYSE:X)"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/cdn.benzinga.com\/files\/images\/story\/2025\/05\/31\/Donald-Trump-Shutterstock.jpeg?optimize=medium&amp;dpr=1&amp;auto=webp&amp;height=675&amp;width=1200&amp;fit=crop\" \/><\/p>\n<div><!--$--><\/p>\n<p class=\"block core-block\">On Friday, President <strong>Donald Trump<\/strong> announced that he is doubling U.S. tariffs on imported steel to 50%, while also <a href=\"https:\/\/www.benzinga.com\/news\/global\/25\/05\/45622810\/japans-nippon-steel-to-acquire-us-steel-at-55-per-share-report\" target=\"_blank\">endorsing the sale<\/a> of <strong>U.S. Steel<\/strong> <span class=\"ticker\" data-ticker=\"X\" data-exchange=\"NYSE\" style=\"display:inline-block\">X<\/span> to <strong>Japan&#8217;s Nippon Steel<\/strong>.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\"><strong>What Happened:<\/strong> Speaking at a U.S. Steel facility in West Mifflin, Pennsylvania, Trump called the 50% tariff hike a &#8220;major announcement&#8221; aimed at revitalizing the American steel industry and protecting domestic jobs, <a href=\"https:\/\/edition.cnn.com\/2025\/05\/30\/business\/trump-announces-50-percent-steel-tariff\" target=\"_blank\">reported<\/a> CNN.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">&#8220;We are going to be imposing a 25% increase,&#8221; Trump said. &#8220;We&#8217;re going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States. Nobody&#8217;s going to get around that.&#8221;<\/p>\n<p><!--\/$--><!--$--><!--$--><!--\/$--><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">Trump said he initially considered a 40% tariff but raised it after feedback from industry leaders. &#8220;At 25% they can sorta get over that fence,&#8221; he said, adding, &#8220;At 50% nobody&#8217;s getting over that fence.&#8221;<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\"><strong>See Also:\u00a0<a href=\"https:\/\/www.benzinga.com\/tech\/25\/05\/45510245\/elon-musk-was-once-a-microsoft-intern-now-his-company-is-bringing-grok-to-azure-incredibly-important-for-ai-to-be-grounded-in-reality-xai-ceo-tells-satya-nadella\" target=\"_blank\" rel=\"noreferrer noopener\">Elon Musk Was Once A Microsoft Intern \u2014 Now His Company Is Bringing Grok To Azure: \u2018Incredibly Important For AI To Be Grounded In Reality,\u2019 xAI CEO Tells Satya Nadella<\/a><\/strong><\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">The new tariffs will take effect on Wednesday, June 4, he informed later via a post on <strong>Truth Social<\/strong>.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\"><em>Source: Truth Social<\/em><\/figcaption><\/figure>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">Trump also celebrated Nippon Steel&#8217;s acquisition of U.S. Steel, which had previously been blocked by former President <strong>Joe Biden<\/strong> on national security grounds.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">&#8220;US Steel was being sold into foreign hands with no protections for our great steel workers,&#8221; the President said. &#8220;And I said there&#8217;s no way we&#8217;re gonna let that happen. I was watching over you.&#8221;<\/p>\n<p><!--\/$--><!--$--><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\"><strong>Why It&#8217;s Important:<\/strong> On March 12, Trump enacted <a href=\"https:\/\/www.benzinga.com\/markets\/equities\/25\/03\/44269301\/trumps-25-tariffs-on-steel-and-aluminum-imports-take-effect-eu-retaliates-us-steel-nucor-century-aluminum-and-other-domestic-stocks-cheer\" target=\"_blank\">broad 25% tariffs on all steel and aluminum<\/a> imports, prompting swift retaliation from Canada and drawing criticism from the U.S. auto sector.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">The EU also responded with plans for counter-tariffs, which were later withdrawn, the report added. Since the March announcement, domestic steel prices have climbed as U.S. producers faced less foreign competition.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">Back in 2018, when similar tariffs were implemented during Trump&#8217;s first term, U.S. steel production rose slightly.<\/p>\n<p><!--\/$--><!--$--><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">However, according to a 2023 report by the International Trade Commission, these tariffs also drove up prices for vehicles, machinery, and tools, reducing output in those sectors by over $3 billion by 2021, suggesting the economic costs may have outweighed the benefits, the report said.<\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\">According to U.S. Commerce Department figures, the country imported $31.3 billion in iron and steel last year. Canada was the leading supplier, sending $7.6 billion worth of those materials to the U.S.<\/p>\n<p><!--\/$--><!--$--><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\"><strong>Read Next:\u00a0<\/strong><\/p>\n<p><!--\/$--><!--$--><!--\/$--><!--$--><!--$--><!--\/$--><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\"><strong><em>Disclaimer<\/em>:<\/strong><em>\u00a0This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<\/em><\/p>\n<p><!--\/$--><!--$--><\/p>\n<p class=\"block core-block\"><em>Photo courtesy: Shutterstock<\/em><\/p>\n<p><!--\/$--><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>On Friday, President Donald Trump announced that he is doubling U.S. tariffs on imported steel to 50%, while also endorsing the sale of U.S. Steel X to Japan&#8217;s Nippon Steel. What Happened: Speaking at a U.S. Steel facility in West Mifflin, Pennsylvania, Trump called the 50% tariff hike a &#8220;major announcement&#8221; aimed at revitalizing the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":246953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[204,3130,38232,12615,11011,13368,94921,2765,9149,420,94920,22424,16168,1175,9148],"dealstore":[],"offerexpiration":[],"class_list":["post-265016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-american","tag-backs","tag-doubles","tag-japans","tag-jobs","tag-nippon","tag-nysex","tag-secure","tag-states","tag-steel","tag-steels","tag-takeover","tag-tariffs","tag-trump","tag-united"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump Doubles Steel Tariffs To 50% Saying It Will &#039;Secure&#039; American Jobs, Backs US Steel&#039;s Takeover By Japan&#039;s Nippon - United States Steel (NYSE:X) - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=265016\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Doubles Steel Tariffs To 50% Saying It Will &#039;Secure&#039; American Jobs, Backs US Steel&#039;s Takeover By Japan&#039;s Nippon - United States Steel (NYSE:X) - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"On Friday, President Donald Trump announced that he is doubling U.S. tariffs on imported steel to 50%, while also endorsing the sale of U.S. Steel X to Japan&#8217;s Nippon Steel. 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