Trump Steel Tariff Hike Drives Metal Market Surge
In a bold move shaking the financial markets, President Trump doubled steel tariffs, propelling U.S. aluminum and steel prices upward and sending stocks surging. The sharp tariff increase has prompted investors to brace for a rollercoaster of mixed impacts domestically and overseas, fueling both optimism and concern.
CBS's Margaret Brennan challenged Scott Bessent on Trump's tariffs, as retail giants warn of price hikes despite inflation hitting a four-year low.
Trump supports tariffs to balance U.S.-India trade, with Lutnick urging early cooperation and reasonable market access to reduce the trade deficit.
“Nippon Steel is buying US Steel for $15 billion and has agreed to let the American company remain American-operated” in a Trump-approved deal that “addressed concerns about national security while securing economic gains for the nation,” cheers the Washington Examiner’s editorial board.
During a Pennsylvania rally on Friday, the president told steelworkers he would hike the tax on steel imports so Pittsburgh would be “respected around the world as the Steel City again.”
While the inflationary impact on U.S. domestic prices is widely expected to be severe, the effect in Europe will be more mixed, according to analysts.
Trump announced at a Pennsylvania rally on Friday that he plans to double tariffs on steel imports to 50% from 25%.
US Aluminum and Steel Prices Surge as Trump Doubles Tariffs Bloomberg.com
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