Donald Trump Doubles Global Steel Tariffs to 50%, Accuses China of Trade Deal Violation

On June 2024, US President Donald Trump declared at a rally in Pennsylvania that the United States would raise tariffs on steel imports from all countries from 25% to 50%, with the change set to take effect the following week. President Trump stated that this decision was in response to what he described as China's breach of a trade agreement intended to reduce tariffs between the two nations. The trade deal in question was previously negotiated to ease trade tensions and lower tariffs on various goods, including steel. In addition to addressing the tariff increase, Trump mentioned the ongoing partnership between Japan's Nippon Steel and US Steel, a significant development in the global steel industry. The announcement is expected to have implications for international trade relations, particularly between the US, China, and other steel-exporting countries. The move may also affect global steel prices and the operations of multinational steel producers. The information was reported by Reuters and published by Mint.