US President Trump announced last Friday (May 30) his intent to further increase tariffs on imported steel and aluminum. The current 25% tariffs will be doubled to 50%, effective June 4. Trump stated that this move is to further protect the American steel and aluminum industries, saying it will lead the industries to come back like never before.

Trump previously raised tariffs from 0% to 25% in February, applied without exception to products from all countries.

The announcement of the higher tariffs was made at a U.S. Steel factory in Pittsburgh, Pennsylvania, where Trump also supported Nippon Steel's US$14.9 billion investment in U.S. Steel, linking both actions to job security for American steelworkers.

According to the producer price index from the government, US steel product prices have already risen about 16% since Trump took office as president in January this year, and this new increase in tariffs is expected to further drive up costs for industries such as construction and automotive.