Tariffs to increase on steel and aluminum imports
The NMMA Currents has announced that tariffs are to increase on steel and aluminum imports. The National Marine Manufacturers Association recently shared:
On May 30, President Donald Trump announced that Section 232 tariffs on imported steel and aluminum will double from 25% to 50%, effective Wednesday, June 4. The announcement was made during a speech at U.S. Steel’s Mon Valley Works–Irvin Plant near Pittsburgh, Pennsylvania, and later confirmed in a Truth Social post.
In his remarks, President Trump stated the move would “even further secure the steel industry in the U.S.” He also referenced a developing agreement involving Japan’s Nippon Steel and U.S. Steel, which he said would involve significant investment while keeping U.S. Steel headquartered in Pittsburgh. Trump noted that he has not yet formally approved the deal, which remains under review.
Global reactions and market impact
- The European Commission expressed strong opposition and stated it is preparing countermeasures, noting the move “undermines ongoing efforts to reach a negotiated solution” and “adds further uncertainty to the global economy.”
- Canada’s Chamber of Commerce and officials from Australia also criticized the tariff increase, citing its potential effects on cross-border supply chains and economic relations.
- U.S. steelmaker stocks, including Cleveland-Cliffs and Nucor, rose following the announcement.
The United States remains the world’s largest steel importer (excluding the EU), importing 26.2 million tons in 2024, according to the U.S. Department of Commerce. Canada, Brazil, Mexico and South Korea are among the top sources of U.S. steel imports.
