Trump Doubles Steel Tariffs, Defends Nippon Deal

President Donald Trump announced at a Pennsylvania rally that tariffs on imported steel will double from 25% to 50%, with the new rates taking effect next week, in an effort to reduce reliance on foreign steel, particularly from China. Trump emphasized the move as essential for national security and job preservation, and pledged that U.S. Steel's headquarters would remain in Pittsburgh with no layoffs. The announcement coincided with a new $14 billion partnership between U.S. Steel and Japan’s Nippon Steel, which Trump claims will safeguard over 100,000 U.S. jobs, though union leaders and politicians have expressed concern over foreign acquisition. Trading partners like Australia criticized the tariffs as unjustified and potentially damaging to global trade, while Wall Street reacted with worries about inflation and supply chain disruptions. The tariff hike has already boosted U.S. steel company stocks. Details about the Nippon Steel partnership remain limited.