President Donald Trump announced a major economic move during a rally at U.S. Steel’s Mon Valley Works in Pennsylvania, unveiling a plan to double tariffs on imported steel and aluminum to 50 percent. The increase, set to take effect June 4, is aimed at strengthening American steel production and reducing reliance on foreign imports.
Trump also celebrated a $14 billion investment deal between U.S. Steel and Japan’s Nippon Steel, emphasizing that the partnership will not result in foreign control. He assured the public that the company will remain American-led, with a U.S.-based CEO, a majority-American board, and a special “golden share” held by the U.S. government to veto decisions that could impact national security.
The agreement includes $2.2 billion in upgrades and development within Pennsylvania and an additional $7 billion across key facilities in Indiana, Minnesota, Alabama, and Arkansas. Trump promised there would be no layoffs or outsourcing and guaranteed that all blast furnaces will stay active for at least a decade. As part of the deal, every U.S. Steel employee will receive a $5,000 bonus.
While the announcement drew applause from supporters and many workers, some labor unions expressed concern about long-term control and transparency in the deal’s terms. International critics also voiced objections to the steep tariff hike, warning it could trigger retaliatory trade measures.
Still, Trump insisted the bold steps are essential to secure American jobs and restore dominance in the global steel industry.