Trump Targets Global Producers, Sparking Trade Tensions
According to a report from Reuters, President Donald Trump announced plans to double tariffs on imported steel and aluminum from 25% to 50%.
Speaking at a rally in Mon Valley, Pennsylvania — a region steeped in America’s industrial past — Trump framed the move as vital to securing domestic jobs and reviving U.S. manufacturing.
“We’re going to bring it from 25% to 50%—the tariffs on steel into the United States,” Trump said, adding that the measure aims to further bolster the American steel sector. The decision, unveiled alongside praise for a $14.9 billion acquisition agreement between Nippon Steel and U.S. Steel, was later extended to aluminum products via a social media post. The new tariffs are set to take effect on Wednesday.
Reuters noted that steelmaker Cleveland-Cliffs Inc saw a 26% surge in after-hours trading, reflecting investor optimism that higher tariffs would boost domestic producers’ margins. However, the decision was met with immediate backlash from international allies and trade partners.
Canada’s Chamber of Commerce labeled the increase “antithetical to North American economic security,” warning that dismantling integrated cross-border supply chains could hurt both nations. Australia’s Trade Minister Don Farrell also condemned the move, calling it “unjustified and not the act of a friend,” and warned that it would harm global trade and consumers.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
