Josh Wingrove of Bloomberg reports that Trump plans a 25% tariff on steel and aluminum imports from all countries to protect U.S. industries, with reciprocal tariffs on nations taxing U.S. goods. This move boosts U.S. steel stocks but may lead to higher consumer costs and retaliatory actions from other countries. Wingrove writes:
President Donald Trump plans to impose 25% tariffs on all US imports of steel and aluminum, broadening his trade restrictions to some of the country’s top trading partners and seeking to protect domestic industries that helped him win battleground states last year.
Speaking to reporters Sunday on Air Force One, Trump said the tariffs would apply to shipments from all countries, including major suppliers Mexico and Canada. He didn’t specify when the duties would take effect. Shares of US steel and aluminum makers rose in early trading.
The president also said he would announce reciprocal tariffs this week on countries that tax US imports. Those would be enacted “almost immediately” after an announcement, Trump said, without providing further detail. […]
In US pre-market trading, shares of Alcoa Corp. gained as much as 6.3% and Century Aluminum Co. increased 11%. Steelmaker Cleveland-Cliffs Inc. rose 12%, while United States Steel Corp. jumped 15%. […]
On Friday, after a meeting with Japanese Prime Minister Shigeru Ishiba, Trump said that Nippon Steel is now considering investing in US Steel instead of purchasing the company outright. Trump told reporters on Sunday that Nippon Steel cannot have a majority stake in the US firm.
“I don’t want US Steel being owned by a foreign country,” Trump said. “All they can have is an investment.”
The two companies are challenging the US block on the deal in court.
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