Hiking tariffs could increase costs for American consumers and manufacturers of a variety of products, such as cars and homes, that use steel.
President Donald Trump said he’s doubling tariffs on foreign steel to 50%, making the announcement during a May 30 visit to a U.S. Steel facility in Pennsylvania.
Trump previously reversed his threat to impose 50% tariffs on steel and aluminum from Canada.
Trump bulked up tariffs on foreign steel and aluminum after taking office for a second time, restoring the 25% levy that had been weakened by numerous country exclusions and quotas and thousands of product-specific exclusions.
Trump said the higher tariffs will even further secure the steel industry in the United States.
“Nobody’s going to get around that,” he said.
While hiking tariffs could help U.S. steel producers, it is expected to increase costs for consumers and American makers of a variety of products − from cars to homes − that use steel.
Trump pitched the tariff increase as a way to eliminate competition from foreign steel producers, saying at 25% foreign companies “can sort of get over that fence.” The higher tariff goes into effect June 4, Trump said.
“At 50% they can no longer get over the fence,” he said.
Canadian Chamber of Commerce President & CEO Candace Laing said hiking the steel tariffs is “antithetical to North American economic security.”