Brief by Shorts91 Newsdesk / 06:47am on 31 May 2025,Saturday International
US President Donald Trump announced a sharp rise in tariffs on steel and aluminium imports, doubling them from 25% to 50%, during a rally in Pittsburgh. Aimed at reviving the domestic steel industry and reducing reliance on foreign producers like China, the move accompanies a proposed $14 billion investment deal between US Steel and Japan’s Nippon Steel. Trump promised no layoffs and a $5,000 bonus for US steelworkers. The announcement comes amid legal challenges to broader tariff policies. While union leaders welcomed the plan, economists warn of global trade disruption and escalating tensions with top producers like China and India. (PC: Reuters)
