Trump announces doubling of steel and aluminum tariffs to 50%

On May 30, U.S. President Donald Trump declared plans to raise tariffs on imported steel and aluminium from 25% to 50%, intensifying pressure on global steel producers and further escalating his ongoing trade war.

Speaking at a rally near Pittsburgh, Pennsylvania, Trump said, “We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% — the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States.”

The announcement coincided with Trump highlighting a major $14.9 billion deal between Nippon Steel and U.S. Steel, which he said, along with the tariff hike, will help protect jobs for American steelworkers, Caliber.Az reports, citing foreign media.

He later confirmed on social media that the increased tariff would also apply to aluminium products and would take effect on June 4.

Following the announcement, shares of Cleveland-Cliffs Inc., a prominent U.S. steelmaker, surged 26% after market close, as investors bet the tariff increase would boost company profits.

The doubling of steel and aluminium tariffs marks a sharp escalation in Trump’s trade conflict and came just hours after he accused China of violating a mutual agreement on rolling back tariffs and trade restrictions on critical minerals.

The announcement drew swift criticism from international partners. Canada’s Chamber of Commerce condemned the tariff increase, calling it “antithetical to North American economic security.” Candace Laing, the chamber’s president, said, “Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries.”

Australia’s centre-left government also voiced strong opposition. Trade Minister Don Farrell described the tariffs as “unjustified and not the act of a friend,” warning they constitute “economic self-harm” that would hurt consumers and businesses reliant on free and fair trade. Australia, a key U.S. security ally in the Indo-Pacific, pledged to continue advocating for the removal of the tariffs.

Trump made the announcement at U.S. Steel’s Mon Valley Works plant, a symbol of both America’s historic manufacturing might and its decline, as the Rust Belt’s steel industry lost ground to international competitors. The choice of location underscored the political importance of Pennsylvania, a critical battleground state in presidential elections.

The United States, excluding the European Union, is the world’s largest importer of steel, with 26.2 million tons expected in 2024, according to the Department of Commerce. The increased tariffs are likely to raise steel prices across the economy, impacting both industries and consumers.

By Tamilla Hasanova