B Mirror Desk : Donald Trump, the president of the United States, has announced his plan to quadruple taxes on aluminum and steel. Import taxes on these two metal goods will therefore increase from 25 to 50 percent. Next Wednesday is when this adjustment is scheduled to go into effect.
This announcement was made by Trump at a rally in Pittsburgh, Pennsylvania. He said that by increasing domestic production and reducing dependency on Chinese imports, this program will help the regional steel industry.
Additionally, Trump mentioned that a collaboration between the US company US Steel and Japan’s Nippon Steel will invest $14 billion in steel production in the Pittsburgh area. However, the specifics of this partnership have not yet been fully disclosed, and the two companies have not signed a formal agreement.
Since taking office for a second term in January, Trump has been imposing high tariffs on products from various countries, including China and Canada, which has led to significant debate and criticism. In line with this approach, he has now announced the doubling of import tariffs on steel and aluminum.
While addressing a large crowd of steel industry workers at the rally, Trump assured them, “There will be no layoffs in this industry. There will be no outsourcing. Every worker in the US steel industry will soon receive a $5,000 bonus.”
Trump described the court order that suspends the tariffs as “very political” and “terrible.” At the start of his speech, he expressed his desire to “protect” US Steel, the largest steel manufacturer in the country, which is based in Pittsburgh.
Previously, in 2018, during his first term as president, Trump imposed a 25 percent tariff on steel. He had suggested that the tariff might be increased to 50 percent to ensure the survival of the nation’s steel sector.
Responding to the US court’s blocking of Trump’s tariffs on various countries, Jojo Burgess, a member of the local United Steelworkers Union who was present at Trump’s rally, said it was a great day for steel workers. Jojo expressed hope that the partnership with Japan would help create a new generation of steel workers in the region.
Jojo also recalled the “big money” he made in the years following the steel tariffs imposed during Trump’s first term.
