Trump Says He Will Double Steel Tariffs

President Donald Trump on Friday said he plans to double steel tariffs to 50%.

Speaking at U.S. Steel’s (X) Irvin Works in West Mifflin, Pa., the president said the move would help protect American steelworkers and “further secure the steel industry.”

Since March 12, 25% tariffs on steel imports have been in place. The U.S. imports roughly 25 million tons of steel each year, which accounts for 23% of all the steel used domestically. Canada, Mexico, Brazil and South Korea sending the most steel to the U.S.

Trump gave the green light last week to a “partnership” between U.S. Steel and Nippon Steel. Shares of U.S. Steel have surged 40% since Trump last month ordered a review of Nippon Steel’s proposed takeover bid.

Friday’s annoucement came in the wake of a flurry of legal actions in cases that challenged some of Trump’s tariffs. A court initially blocked the order, but the administration was given a reprieve while further appeals work their way through the court. The block would not have applied to the steel tariffs.

In Trump’s first term, he imposed a 25% tariff on steel. Trump has said tariffs would give U.S. steel producers a leg up and prevent job losses in the industry. Economists and researchers found that those tariffs had a mixed effect on jobs, as steel companies hired more workers but companies that use steel hired fewer people.