Trump doubles tariffs: A steel strike for American industry
President Donald Trump announced that starting June 4, tariffs on steel and aluminum will rise from 25% to 50%. This decision aims to strengthen the American steel industry, Trump explains.
What do you need to know?
- When will the tariffs increase? The new tariff rates will take effect on June 4, doubling the current tariffs on steel and aluminum from 25% to 50%.
- Why the increase? President Trump emphasized that the additional charges are meant to protect and strengthen the American steel industry.
- Who are the main suppliers? The U.S. imports steel mainly from Canada, Brazil, and Mexico, and aluminum from Canada, the United Arab Emirates, China, and South Korea.
What will be the effects on the American industry?
“We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,” announced Trump during a meeting with workers of the metallurgical giant US Steel in Pennsylvania. The Republican emphasized that "tariffs" is his absolutely favorite word.
Later, he explained on his platform, Truth Social, that the new tariff rates will take effect on June 4 and will also apply to aluminum.
Which countries will be most affected by Trump's decision?
As reported by the dpa agency, in 2024 the U.S. was the largest steel importer in the world. According to the U.S. government, the most important countries of origin for imported steel products are Canada, Brazil, and Mexico. The United States is the most important market for the European steel industry, mainly German.
The U.S. imports aluminum primarily from Canada, the United Arab Emirates, China, and South Korea.
Will there be exceptions?
It's unknown whether there will be exceptions to the doubled tariffs, for instance, for Canada and Mexico, with whom the U.S. forms the North American Free Trade Zone. However, there were no exceptions to the 25% tariffs announced by President Trump in February.
