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Trump doubles tariffs on steel and aluminium: ‘The economic survival of the US is at risk’
From 4 June, tariffs on steel and aluminium will rise from 25% to 50%. Trump: ‘Countermeasures are essential to defend the American economy’
‘If other countries are allowed to impose tariffs on us and we are not allowed to quickly counter them with tariff measures, our country does not have even the slightest chance of economic survival.’ With these words, published on Truth Social, US President Donald Trump announced the imminent doubling of tariffs on steel and aluminium.
Starting on Wednesday, 4 June, the rates will go from 25% to 50%. According to Trump, this measure will give new momentum to domestic industry and protect American workers. ‘It is a great honour for me to increase tariffs. Our steel and aluminium industries are returning to normal like never before,’ said the tycoon.
The announcement came after a speech he gave last Saturday at a U.S. Steel plant near Pittsburgh, Pennsylvania. ‘We will impose a 25% increase, bringing tariffs on imported steel to 50%,’ Trump said to applause from the audience.
The president explained that he had initially considered an increase of up to 40%, but industry executives had asked him for a higher threshold: ‘At 25%, they can still overcome the barrier. At 50%, no one can overcome it.’
The new tariffs are part of the White House’s broader plan to rebalance the US trade balance and reduce dependence on foreign supplies, particularly from China, the world’s leading exporter of steel and aluminium.
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(Photo: © AndKronos)
