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Trump plans to double steel tariffs from 50% to 100%

Donald Trump, the U.S. president, announced on Friday that he would increase the tariffs on steel imports from 25 to 50 percent. This will put more pressure on steel producers around the world and intensify his trade war.

"We will be increasing the tariffs by 25%." "We are going to increase the tariffs from 25% to 50% on steel imported into the United States of America. This will further secure the American steel industry," he stated at a Pennsylvania rally.

Next week, the new levy will come into effect.

Steel tariffs

Trump's return to office in January saw him impose levies and tariffs on aluminum. Tariffs of 25% were imposed on steel and aluminum imports to the U.S. in March. He had threatened a 50% tax on Canadian steel, but eventually backed down.

The import tax is imposed under the Section 232 authority. This includes both raw metals as well as derivative products such as horseshoes or aluminum fry pans.

According to Census Bureau Data retrieved by the U.S. International Trade Commission Data Web System, the total import value of the 289 categories in 2024 was $147.3 billion. Nearly two thirds were aluminum and one third steel.

Trump's two first rounds of punitive duties on Chinese industrial products in 2018, during his first term, totaled $50 Billion in annual imports. (Reporting and editing by Chris Reese; Jeff Mason)

(source: Reuters)