President Donald Trump says he’s doubling the tariff rate on aluminium and steel to 50% from Wednesday, a dramatic increase that could further push up prices for metal used to make housing, autos and other goods.
Trump made the announcement on Friday at U.S. Steel’s Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, where he announced a $14 billion investment through a partnership with Japan’s Nippon Steel.
In a fresh escalation of his global trade war, he told the rally the move would ensure US Steel’s survival and reduce the reliance on China, the world’s largest steel manufacturer.
The price of steel products has increased roughly 16% since Trump became president in January, according to the government’s producer price index.
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