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US President Donald Trump walks with workers as he tours US Steel Corporation’s Mon Valley Works-Irvin plant on Friday. (Photo: AP)
US steel tariffs update: US President Donald Trump Friday said he would double tariffs on steel and aluminium imports from 25 to 50 per cent in the latest escalation of his global trade war.
Speaking at US Steel’s Mon Valley Works–Irvin plant near Pittsburgh, Trump said tariffs on steel imports would double to 50 per cent, with a similar hike imposed on aluminium. The measures are set to take effect on Wednesday.
The decision comes amid rising steel prices in the US, which have increased 16 per cent since Trump returned to office in January. As of March 2025, US steel was priced at $984 per metric tonne, compared to $690 in Europe and $392 in China, according to figures from the US Commerce Department.
Trump also referenced an agreement under which Japan’s Nippon Steel would invest in US Steel. While the former president previously pledged to block Nippon’s proposed acquisition of the iconic American steelmaker, he reversed course last week, endorsing what he described as a “partial ownership” arrangement. Neither company has disclosed full terms of the agreement, and it remains unclear whether the transaction has been finalised.
State and federal officials briefed on the matter say the framework involves Nippon acquiring US Steel while committing to invest billions in the company’s operations across Pennsylvania, Indiana, Alabama, Arkansas, and Minnesota. The structure would reportedly include a US-based executive leadership team and board, alongside a “golden share” provision granting the US government veto power over key decisions.
US President Donald Trump arrives to speak at US Steel Corporation’s Mon Valley Works-Irvin plant on Friday. (Photo: AP)
“This storied American company stays an American company,” Trump told workers at the facility. “You’re going to stay an American company, you know that, right?”
The deal marks a notable shift in tone from Trump, who along with his predecessor Joe Biden, had previously vowed to prevent foreign ownership of US Steel.
The United Steelworkers union was cautious about the proposed transaction. “We are most concerned with the impact that this merger… will have on national security, our members and the communities where we live and work,” said union president David McCall in a statement. Sentiment among rank-and-file workers is reportedly mixed, with some softening their opposition amid fears of potential plant closures in the Pittsburgh area.
In 2024, the US produced roughly three times more steel than it imported. Canada, Brazil, Mexico and South Korea remain its largest sources of foreign steel.
Analysts have credited Trump-era tariffs with bolstering the domestic steel industry. However, the sharp increase in import levies risks driving prices even higher, potentially impacting downstream industries including housing and automotive manufacturing.
(With inputs from AP)
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