Once again upsetting global commerce, US President Donald Trump announced a doubling of global steel and aluminium tariffs to 50% on Friday and accused China of breaking a bilateral agreement to reduce duties. Trump threatened to become more difficult with Beijing, claiming that China had broken a deal with the US to remove trade barriers and tariffs on vital minerals reciprocally.
China has completely broken its deal with the United States, which may come as no surprise to some. Trump wrote, “So much for being Mr. Nice Guy!” on his Truth Social platform.
Later, he declared the US will boost steel tariffs from 25% to 50%, beginning next week, during a rally in Pennsylvania touting an upcoming “partnership” between US Steel and Japan’s Nippon Steel. He claimed this would “further secure the U.S. steel industry. In a following post on Truth Social, he declared that on Wednesday, aluminium duties will also double to 50%.
Despite being the greatest manufacturer and exporter of steel in the world, very little of it is sent to the US since most Chinese steel was blocked from the market in 2018 by a 25% tax. China is the third-largest supplier of aluminium.
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