U.S. President Donald Trump said he would be increasing tariffs on steel to 50% from 25%, saying the move would help protect American steelworkers during a visit to a United States Steel plant on Friday.
Trump was visiting the plant to champion an expected deal between U.S. Steel and Japan¡¯s Nippon Steel as one that would ensure the iconic American firm remains U.S.-owned and operated, even as many details on the agreement remain vague. He said the tariff increase would benefit the new venture¡¯s U.S. operations.
¡°I believe that this group of people that just made this investments right now are very happy, because that means that nobody¡¯s going to be able to steal your industry,¡± Trump said. ¡°It¡¯s at 25%, they can sort of get over that fence, at 50% they can no longer get over the fence.¡±
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