North India Statesman
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Donald trump tariff news: US President Donald Trump dropped another tariff bomb, announced to double the tariff on imported steel from abroad. Currently, the tariff rate on steel imports is 25 percent, which has now been increased to 50 percent.
Why did you increase the tariff?
He said that the purpose of these tariffs is to promote the American steel industry. Speaking at the US Steel’s Mon Valley Works-Irwin plant in Pennsylvania, Donald Trump said that the tariff growth will provide protection to domestic steel producers and strengthen manufacturing in the US.
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According to the report, US President Trump said, “We are going to increase tariffs on steel imports by 25%. We are going to increase the tariff on steel from 25% to 50% in the United States, so that the steel industry in our country can be more secure.” Taking a sarcasm at China, Trump said that the future of America should be based on “Pittsburgh’s strength and pride” rather than depending on “cheap steel of Shanghai”.
Major industries will be affected by increase in steel tariffs
If the proposed tariff increase is applied, it may increase the cost of highly dependent industries on steel including housing, motor vehicle and construction areas. The announcement has been made by Trump’s constant strong trade safety call. According to government data, the price of steel products in the US has increased by about 16 percent since the first tariff was imposed on steel in 2018.
