‘Make America great again’: Trump doubles steel, aluminium tariffs to 50%, touts ‘blockbuster’ Nippon deal

US President Donald Trump on Friday announced a sharp rise in tariffs on imported steel and aluminium, doubling both levies to 50 per cent in an attempt to shield American industry. 

Addressing steelworkers at US Steel’s Mon Valley Works–Irvin Plant in suburban Pittsburgh, Trump said the move was aimed at protecting domestic manufacturers of key materials used in housing, automotive and other critical sectors.

Later, in a post on his Truth Social platform, Trump confirmed the aluminium tariffs would also rise to 50 per cent , with both hikes coming into effect on Wednesday. He argued the measure would further “secure the steel industry” in the country.

“It is my great honor to raise the Tariffs on steel and aluminum from 25 per cent to 50 per cent, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before.” He said in his post, adding ” This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!”

Deal with Nippon Steel still pending final nod

At the event, Trump also discussed a forthcoming deal involving Japan’s Nippon Steel, which plans to invest heavily in US Steel. Despite initially opposing the Japanese firm’s attempt to acquire the iconic American steelmaker, Trump said he now supports a “partial ownership” agreement, although he has not yet signed off on the final terms.

“I have to approve the final deal with Nippon and we haven’t seen that final deal yet, but they’ve made a very big commitment and it’s a very big investment,” he said after returning to Washington.

“We’re here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,” Trump, speaking at the launch event held at a US Steel warehouse, declared, “You’re going to remain an American company — you know that, right?”

Tariff hike likely to widen price gap 

The announcement has stirred concerns that the dramatic tariff hike could drive steel prices even higher. As of March 2025, steel in the US costs $984 per metric tonne—far above European prices ($690) and Chinese rates ($392), according to US Commerce Department data.

The United States currently produces about three times as much steel as it imports. Canada, Brazil, Mexico and South Korea are the country’s largest foreign suppliers of steel. Since Trump took office in January, steel prices have already surged by 16 per cent, as per the Producer Price Index.