Donald Trump on Friday announced plans to increase steel tariffs from 25% to 50%, a move he claims will “further secure” the U.S. steel industry. Speaking at a U.S. Steel plant near Pittsburgh, Trump said the hike would prevent other nations from undercutting domestic production.
The announcement coincided with Trump’s support for a deal between U.S. Steel Corp. and Japan’s Nippon Steel. Though President Joe Biden previously blocked the sale citing national security concerns, Trump reversed course after initially opposing the partnership in 2023, now saying it will create 70,000 jobs and inject $14 billion into the U.S. economy.
Trump previously imposed a 25% steel tariff during his first term and continues to promote tariffs as key to his “America First” strategy. However, real estate experts told Business Insider the proposed increase would drive up construction costs, worsen housing shortages, and raise rents.
The tariff plan remains in legal limbo, and the White House has not responded to requests for comment.
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