Daijiworld Media Network - Washington
Washington, May 31: Former US President Donald Trump announced plans to double tariffs on foreign steel imports to 50 percent starting next week, a move that could rattle global steelmakers already struggling with market volatility.
“We are going to be imposing a 25 percent increase. We’re going to bring it from 25 percent to 50 percent — the tariffs on steel into the United States of America — which will even further secure the steel industry in the United States,” Trump said in a post on social media platform X.
He later confirmed that the higher tariff rate would take effect on June 4, according to 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 move comes just days after a trade court ruled his previous reciprocal tariffs illegal, though an appeals court temporarily blocked that ruling, allowing the tariffs to remain in place for now.
The original 25 percent tariffs on most imported steel took effect in March under Trump’s administration as part of broader efforts to reduce trade deficits and revive domestic manufacturing.
Recent data show that South Korea’s steel exports to the US have already been hit, with shipments falling nearly 19 percent year-on-year in March to $340 million. Although the impact of tariffs is often delayed due to pre-arranged transactions, the potential for further disruption looms large.
Korean steelmakers, including Hyundai Steel, are preparing contingency plans. Hyundai announced a $5.8 billion investment to build an electric arc furnace-based steel mill in Louisiana by 2029 — its first overseas production facility — aimed at mitigating the impact of US trade barriers.
The planned tariff hike signals that trade tensions under Trump’s policies could intensify if he returns to office, raising questions about the future of global trade relations and supply chains.