Donald Trump’s big decision, doubles on steel imports in America

Trump Tariff: US President Donald Trump has announced to increase the tariff on foreign steel imports from 25% to 50%. He has taken this step at a time when tension in the trade relations of important minerals and technology between the US and China is at its peak. Trump announced this at the US Steel’s Mon Valley Works-Irwin plant on Friday (May 30), saying that America’s future should be based on the poor steel of Shanghai, but on the strength and pride of Pittsburgh.

The US has decided to increase the tariff on steel because it wants to protect domestic steel growers. Apart from this, we want to take initiative to strengthen the US construction industry. America wants to hurt them financially by creating business pressure on China. Efforts are being made to strengthen the US Steel-Nippon Deal behind increasing the tariff. Explain that industries like America’s housing, automotive and construction are highly dependent on steel. Increasing tariffs can increase costs in these areas, due to which the prices of products can also go up. This can cause additional burden on consumers. However, the decision to increase tariffs will reduce trust in imports from China, Canada, Europe.

US Steel and Nippon Deal
Donald Trump announced a new blockbuster deal with Japan’s Nippon Steel American company US Steel, but the company will remain under US control. The arrangement includes the provision of an American leadership team and a special veto power (“Golden Share”). Although the clear details of this deal have not yet been made public, it is still presented as a strategy to protect the American company from foreign acquisitions.

Unions concerned suspicion on deal
The United Steelworkers Union has raised questions about the blockbuster deal. He believes that the nippon would not invest without complete ownership, as he said earlier. Because of this, the union is questioning the transparency of this deal.