President Trump announced his intention to double the steel tariff rate from 25% to 50% during a visit to U.S. Steel's Mon Valley facility in Pennsylvania. This move, intended to further bolster the domestic steel industry, is positioned as a means to prevent foreign steel from entering the U.S. market more easily. The initial 25% tariff, imposed in March, has already led to a 16% increase in steel prices. The White House confirmed that the increased tariffs would take effect the following week, affecting prices of various goods reliant on steel.
"We are going to be imposing a 25 per cent increase. We are going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States. Nobody's going to get around that."
"At 25 per cent, they can get over that fence. At 50 per cent, they can no longer get over that fence."
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