Former US President Donald Trump announced a doubling of tariffs on imported steel and aluminum to 50 percent during a speech on Friday, May 30, 2025, in Pennsylvania. Trump stated the increased tariffs aim to further protect the American steel industry.
In a post on his Truth Social platform, Trump indicated that aluminum tariffs would also be doubled to 50 percent. Both tariff hikes are scheduled to take effect on Wednesday, June 4th, 2025. These increases could potentially raise prices for goods using these metals, impacting various sectors like automotive and construction.
Trump's announcement coincided with discussions about Nippon Steel's investment in US Steel. While initially opposing the acquisition, Trump announced an agreement for "partial ownership" by Nippon Steel. He stated the agreement would ensure US Steel remains an American company, further securing the steel industry in the US. Steel prices have shown an upward trend in early 2025, with hot rolled coil (HRC) prices increasing.