Trump Doubles Steel Tariffs Amid Nippon Deal

President Donald Trump has announced that tariffs on imported steel and aluminum will double from 25% to 50%, effective June 4, 2025, as part of efforts to protect the U.S. steel industry. The announcement came during a celebration of a $14 billion partnership between U.S. Steel and Japan-based Nippon Steel, intended to keep U.S. Steel's headquarters in Pittsburgh and safeguard American jobs. The tariff hike has been welcomed by steelworkers and local leaders but has drawn sharp criticism from Australian officials, who called the decision unjustified and damaging to free trade. The move triggered immediate volatility in financial markets, including sectors tied to industrial production and related cryptocurrencies. Critics warn that the tariff increase could harm consumers and strain global trade relations. The long-term effects on U.S.-Australia trade and global market stability remain uncertain.