New York (EFE).- The United States President announced on Friday that the increase in steel tariffs from 25% to 50% would take effect the following Wednesday, Jun. 4, and explained that the increase would also apply to aluminum.
“It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, Jun. 4. Our steel and aluminum industries are coming back like never before,” the President wrote on Truth Social.
He added that this would be “another BIG jolt of great news for our wonderful steel and aluminum workers.”
On Friday, the Republican leader announced the tariff increase at a rally held at a US Steel mill in Pittsburgh, Pennsylvania, where he celebrated the merger between Japanese steelmaker Nippon Steel and US steelmaker US Steel, which he approved on May 23.
The US leader said he had initially planned to increase these tariffs to 40%, but industry executives had asked him to raise them to 50%.
Trump’s announcement comes just a day after an appeals court lifted an International Trade Court impede on much of Trump’s tariff policy on imports from numerous countries.
This blockade would not have affected the steel tariffs announced on Apr. 2, which imposed a global tariff of 10% on almost all US trading partners.
Additionally, it would have blocked a proportion that was frozen until July to sign agreements, which vary from country to country depending on deficits and trade volumes. The White House labeled these “reciprocal tariffs.” EFE
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