President Donald Trump on Friday said that he will be doubling tariffs on steel from 25% to 50%.
“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,” Trump said on Friday while speaking to U.S. Steel workers in Pittsburgh, Pennsylvania after teasing a “major announcement.”
“Nobody’s going to get around that. So we’re bringing it up from 25%. We’re doubling it to 50%.”
He told the steelworkers, “At 25%, they can sort of get over that fence. At 50%, they can no longer get over the fence. So congrats to everybody and to you for making a great deal. You just made a better deal right?”
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Trump said he had originally been thinking of an increase to 40%. “I said, ‘Would you rather have a 40% or a 50%?’ They said, ‘We’ll take 50.’ I said, ‘I had I had a feeling you were going to say that.’ So congratulations.”
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He added, “The people here understand the word tariff and you understand it better than the people on Wall Street. But now the people on Wall Street are finding out. They’re saying, ‘Wow, you know, Trump was right’.”
Trump has been criticized by some on Wall Street who are concerned the tariffs could lead to worse inflation, supply chain issues and a recession.
Trump was in Pennsylvania describing a deal made between U.S. Steel and Japan’s Nippon Steel.
The president said that the company’s headquarters would remain in Pittsburgh with Nippon investing $14 billion over 14 months, adding that no workers would be laid off.
On Sunday, Trump told reporters it is an “investment, it’s a partial ownership, but it will be controlled by the USA.”
After the tariff hike announcement, Trump wrote on Truth Social that it would go into effect on June 4.
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th,” he wrote. “Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!”
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