Trump says will double steel, aluminium tariffs to 50%

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West Millen: US President Donald Trump’s announcement that he will double the Steel and Aluminum Import prices next week, which in the latest Salvo in his trade wars on Saturday has dropped his trade wars to protect domestic industries.

The European Union has warned that the latest retaliation is “ready” for retaliation, which makes the sudden move between the block and the United States “disrupt the ongoing efforts to reach the negotiation resolution.”

“We are about to bring it from 25 percent to 50 percent, which will bring rates on steel to the United States,” Trump said while addressing workers at a US steel plant in Pennsylvania on Friday.

He added in a speech before the Blue Collar workers in the battlefield state, “No one is going around.”

Shortly afterwards, Trump wrote in a truthful social post that high rates would also apply to aluminum, in which new revenue would be “effective on Wednesday, June 4”.

Since returning to presidency in January, Trump has imposed on allies and opponents equally sweeping in measures that have shook global trade discipline and stopped financial markets.

The prices saw a short legal setback earlier this week when a court ruled that Trump had exceeded his authority, but on Thursday, an appeal court said that legal taxes could continue.

Trump has also released specific sector taxes that affect goods like automobiles.

On Friday, he, defending his trade policies, argued that revenue helped protect the US industry.

He added that if he does not impose duties on the import of metals during his first administration, then steel facility will not exist if he has not imposed duties on the import of metals.

‘The Devil in Details’

On Friday, Trump showed a planned partnership between US Steel and Japan’s Napoon Steel, but provided some new details about the deal that had previously faced bilateral opposition.

He emphasized that despite the recently announced planning partnership between US Steelmaker and Napoon Steel, “US Steel will continue control by the United States”.

He added that there will be no rid of jobs or outsourcing by the company.

Upon returning to Washington at the end of Friday, Trump told reporters that he had not yet approved the deal.

“I have to approve the final agreement with Nipoon, and we have not yet seen this final agreement, but they have done a great deal,” said Trump.

Last week, Trump said that the US Steel Pittsburg would stay in the United States with its headquarters to stay in the US, adding that arrangements with Nippon would generate at least 70,000 jobs and increase the US economy by $ 14 billion.

In Pennsylvania, Trump said that as part of his commitment, Nippon Som will invest $ 2.2 billion to increase steel production at the Value Works-Aaron plant where he was speaking.

Another $ 7 billion will go on to modernize steel mills, to enhance the ore mining and building facilities at locations, including Indiana and Minnesota.

Nippon Steel had previously been politically opposed to US Steel’s $ 14.9 billion sale on both sides of the singer. Former President Joe Biden closed the contract on national security basis shortly before leaving for office. There are long concerns over the new partnership.

The United Steel Workers’ Union (USW), which represents thousands of hours of workers in US steel facilities, said after Trump’s speech that he did not participate in discussions about the Napoon Steel and the Trump administration, nor did we have been consulted by the US -based plan.

“Whatever structure of the agreement, our main concern remains with the effects of the contract, which will be integrated into national security, our members and communities where we live and work,” said Mac Call.

“The devil is always in detail,” he added.

Trump opposed the Napoon Steel Taken Plan while on the path to the election campaign. But after returning to the presidency, he indicated that he would be open for some kind of investment.