FX.co ★ Trump’s 50% Steel Tariff Takes Effect Wednesday

President Donald Trump has announced an increase in tariffs on steel and aluminum imports, raising the rate from 25% to 50%, effective this Wednesday. During a rally in Pittsburgh on Friday, he highlighted that the decision aims to bolster the US steel industry, lessen reliance on China, and protect American jobs. President Trump mentioned a $14 billion investment in Pittsburgh’s steel production through a partnership with US Steel and Nippon Steel. However, he later clarified that he had neither reviewed nor approved the final agreement. He assured the enthusiastic crowd, "There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well-deserved $5,000 bonus." Despite these assurances, steelworkers expressed concerns regarding Japan's adherence to their union contract. Trump defended his trade strategies by referencing the 2018 imposition of a 25% tariff on steel, claiming it had "saved" US Steel, despite the company experiencing a decline in sales and profits in recent years. He presented the new 50% tariff as crucial for the company's continued existence.