Trump Announces 50% Tariff on Steel, Promises $14B Investment
In a major policy shift, US President Donald Trump has declared that tariffs on steel and aluminum imports will be raised to 50%, doubling the current rate.
The increase, set to take effect Wednesday, is intended to revitalize the US steel industry and reduce reliance on foreign sources, particularly China.
Speaking to a packed crowd of steelworkers in Pittsburgh, Trump framed the move as a strategic effort to boost domestic production and protect American jobs. He also announced a planned $14 billion investment in steel manufacturing, part of a potential partnership between US Steel and Japan’s Nippon Steel. While details of the deal are still pending approval, Trump emphasized its potential to transform the industry.
To reassure workers, Trump vowed that there would be no layoffs or outsourcing, and promised each steelworker a $5,000 bonus.
The announcement is the latest in a series of bold economic measures from Trump since returning to office in January.
