Washington: US President Donald Trump has said that he planned to double tariffs on foreign imports of steel to 50 per cent starting next week, further casting a cloud on steelmakers around the globe.
"We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent — the tariffs on steel into the United States of America — which will even further secure the steel industry in the United States," Trump said on the X social media platform.
He later posted on social media that the higher tariff rate would take effect on June 4, reports Yonhap news agency.
"It is my great honour to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!" Trump wrote on his Truth Social platform.
The latest rate hike follows a series of tariff increases under his trade policies and comes just days after a trade court deemed his broad reciprocal tariffs illegal—only for an appeals court to temporarily uphold them.
In March, the Trump administration imposed 25% tariffs on most steel imports to the US as part of a wider effort to reduce trade deficits and strengthen domestic manufacturing.
Recent data shows that Seoul’s steel exports to the US fell nearly 19% year-on-year in March, with outbound shipments totalling $340 million, marking an 18.9% decline from the previous year.
Assessing the impact of US tariffs on Seoul’s steel exports remains challenging, as transactions are typically arranged months in advance, though some effects may still be evident.
In response, Korean steelmakers are formulating strategies to mitigate the tariffs, with some planning to expand production in the US.
Hyundai Steel Co. aims to establish its first overseas facility by 2029, investing $5.8 billion in an electric arc furnace-based steel mill in Louisiana.
(inputs from IANS)