Trump doubles tariffs on steel and aluminium

President Donald Trump has announced the US will double its current tariff rate on steel and aluminium imports from 25% to 50%, starting on Wednesday.

He described the move to further protect American industry.

“Today, I have a major announcement,” Trump said during a rally on Friday (May 30) at a US Steel facility in Pittsburgh, Pennsylvania.

“We are going to be imposing a 25% increase. We’re going to bring it from 25% to 50% the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States, nobody’s going to get around that,” Trump said.

He argued that the increase would close gaps that foreign competitors have used to bypass previous tariffs.

“So, we’re bringing it up from 25%, we’re doubling it to 50% and that’s a loophole,” he added.

Addressing investors in the US steel sector, Trump said: “At 25%, they can sort of get over that fence. At 50%, they can no longer get over the fence, so congratulations to everybody, and to you, for making a great deal.”

“I said the tariff to me is the most beautiful word in the dictionary,” Trump added.

(With inputs from Anadolu Ajansı)