Trump to increase steel tariffs to 50% from 25%, Bloomberg reports

U.S. President Donald Trump said he would raise tariffs on steel to 50% from 25%, claiming such an action would help protect American steelworkers during a visit to a U.S. Steel (X) factory on Friday, Bloomberg’s Josh Wingrove and Joe Deaux report. The president was visiting the plant to champion the expected tie-up between U.S. Steel and Nippon Steel (NPSCY) as one that would ensure the American company continues to be U.S.-owned and operated, even as details on the pact are still scarce, the authors say. Trump said the new tariffs would benefit the new entity’s U.S. operations, the authors note. Other publicly traded companies in the space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), and Steel Dynamics (STLD).