US President Donald Trump announced an increase in tariffs on steel imports to 50%, which is twice the current level. That’s what he’s about stated during a speech at a US Steel facility near Pittsburgh, Pennsylvania, CNN.
“We’re going to raise tariffs on steel to the United States of America by 25%, we’re going to raise them from 25% to 50%”, – said the US President.
According to him, he initially considered the option of introducing a 40% duty, but the leaders of the steel industry spoke in favor of 50%.
“At 25%, they can climb over this fence. At 50%, no one can climb over this fence.” Trump added.
Trump also announced that new 50% tariffs on steel and aluminum will take effect on Wednesday, June 4:
“I am honored to raise tariffs on steel and aluminum from 25% to 50% effective Wednesday, June 4th. Our steel and aluminum industries are reviving like never before. This will be another big push of great news for our wonderful steel and aluminum workers. Let’s make America great again!”
It will be recalled that on May 30, Donald Trump accused China of not complying with agreements on mutual reduction of tariffs, reached at the beginning of May during bilateral trade negotiations. Under this agreement, the US agreed to temporarily reduce tariffs on Chinese imports from 145% to 30%, while China was to reduce tariffs on American goods from 125% to 10%. In addition, the parties agreed to create a mechanism for further consultations on economic and trade cooperation.
