US President Donald Trump at a rally in Pennsylvania announced that the United States would double steel tariffs from 25% to 50%, from next week onwards, while promoting the partnership between Japan’s Nippon Steel and US Steel.<\/p>\n\n\n\n
Later, taking to his Truth Social account, Trump wrote, \u201cIt is my great honour to raise the Tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!\u201d<\/p>\n\n\n\n
What will new tariffs mean for US Steel and Nippon Steel deal?<\/strong><\/p>\n\n\n\n Trump\u00a0claimed that new tariffs would benefit the partnership, which aims to create 70,000 jobs and inject $14 billion into the US economy.<\/p>\n\n\n\n \u201cI believe that this group of people that just made this investments right now are very happy, because that means that nobody\u2019s going to be able to steal your industry,\u201d Trump said. \u201cIt\u2019s at 25%, they can sort of get over that fence, at 50%, they can no longer get over the fence,” Trump, who recently approved the US Steel and\u00a0Nippon Steel\u00a0partnership, was quoted as saying.<\/p>\n\n\n\n Trump criticises steel produced in China<\/strong><\/p>\n\n\n\n Trump also took a dig at the steel produced in Shanghai and explained how his tariffs will aid domestic production. <\/p>\n\n\n\n \u201cWe don\u2019t want America\u2019s future to be built with shoddy steel from Shanghai\u2014we want it built with the strength and the pride of Pittsburgh!\u201d Trump posted on Truth Social.<\/p>\n\n\n\n Trump’s claim of trade deal violation<\/strong><\/p>\n\n\n\n Trump previously accused\u00a0China\u00a0of violating the trade deal that aimed to reduce tariffs.<\/p>\n\n\n\n “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!,” Trump wrote in a post on his Truth Social platform.<\/p>\n\n\n\n China\u00a0is the world’s largest steel producer and exporter. However, after the imposition of a 25% tariff in 2018, China’s steel exports to the US have significantly declined.<\/p>\n\n\n\n The trade deal with China made in mid-May, according to Trump, was a \u201cfast deal\u201d, where officials of both countries paused tariffs of over 125% for 90 days. According to Trump, the trade agreement was finalised to prevent China from a “devastating” situation, including factory closures and civil unrest stemming from his tariffs, which reached as high as 145% on Chinese imports.<\/p>\n\n\n\n However, Trump did not clarify how the\u00a0trade deal\u00a0was violated or what action he plans to take against China.<\/p>\n\n\n\n When asked about China trade in the Oval Office on Friday, the report quoted Trump saying, “I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out.”<\/p>\n\n\n\n Eqwires Research Analyst<\/a><\/strong><\/p>\n\n\n\n Top-notch SEBI registered research analyst<\/a><\/strong><\/p>\n\n\n\n Best SEBI registered Intraday tips provider <\/a><\/strong><\/p>\n\n\n\n info@eqwires.com<\/strong><\/a><\/p>\n\n\n\n Telegram <\/a>| Facebook <\/a>| Instagram<\/a><\/strong><\/p>\n\n\n\n Call: +91 9624421555 \/ +91 9624461555<\/em><\/strong><\/p>\n\n\n\n www.eqwires.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" US President Donald Trump at a rally in Pennsylvania announced that the United States would double steel tariffs from 25% to 50%, from next week onwards, while promoting the partnership between Japan’s Nippon Steel and US Steel. Later, taking to his Truth Social account, Trump wrote, \u201cIt is my great honour to raise the Tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back … Continue reading “Donald Trump doubles tariff on worldwide steel from 25% to 50%, claims China violated trade deal”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":4349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74],"tags":[],"class_list":["post-4347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-sebi-registered-advisory-company"],"_links":{"self":[{"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/posts\/4347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/comments?post=4347"}],"version-history":[{"count":1,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/posts\/4347\/revisions"}],"predecessor-version":[{"id":4350,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/posts\/4347\/revisions\/4350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/media\/4349"}],"wp:attachment":[{"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/media?parent=4347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/categories?post=4347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eqwires.com\/tutorials\/wp-json\/wp\/v2\/tags?post=4347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}