President Donald Trump said Friday that he’s doubling the tariff rate on steel to 50%, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods.
Trump spoke at U.S. Steel’s Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, near Pittsburgh to discuss investments by Japan’s Nippon Steel.
The price of steel products has increased roughly 16% since Trump became president, according to the government’s producer price index.
Trump said U.S. Steel will stay an American company under a deal for Japan-based Nippon to invest in the iconic American steelmaker. Few details about the deal have been made public.
