President Donald Trump said he was doubling tariffs on steel to 50%, a sharp increase that could further boost prices for the metal used to make homes, cars 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 became president, steel prices have risen about 16 percent, according to the government's producer price index.
Mr Trump said US Steel would remain an American company under a deal for Japan's Nippon to invest in the steelmaker. Few details of the deal were released.
“We are here today to celebrate a landmark agreement that will allow this iconic American company to remain an American company,” Mr. Trump said, opening the event at a U.S. Steel warehouse near Pittsburgh.
“You will remain an American company, right?”
Mr Trump said doubling tariffs on imported steel would “further protect the U.S. steel industry.” But such a sharp increase could push prices even higher.
Employees, 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.
Giant American flags hung from the ceiling and a sign read, “Golden Age.”
Steelworkers in orange hard hats and work clothes milled about, and part of the warehouse's cement floor was piled high with huge rolls of the shiny sheet steel produced at the plant and used to make appliances, doors and other products.
While Trump initially promised to block a Japanese steelmaker's bid to buy Pittsburgh-based US Steel, he reversed course and last week announced an agreement for what he called a “partial ownership” of Nippon.
However, it is not yet clear whether the deal, which involved his administration, has been completed or how the ownership will be structured.
Mr Trump stressed that the deal would preserve American control of a company seen as a political symbol and an important issue for the country's supply chain, industries such as autos and national security.
Mr Trump, who has been eager to strike deals and announce new investments in the US since returning to the White House, is also trying to please voters, including workers, who voted for him as he called for protecting American manufacturing.
US Steel has not publicly disclosed any details of the updated deal to investors. Nippon Steel issued a statement endorsing the proposed “partnership,” but also did not disclose the terms of the agreement.
Sourse: breakingnews.ie
