Trump to double steel tariffs: Will it happen, is it good for the US and what's the global impact?

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Trump to double steel tariffs: Will it happen, is it good for the US and what's the global impact?   Donald Trump said he plans to double tariffs on steel imports, deepening his trade war which has hit global markets.   The US president told a rally of steel workers in West Mifflin, Pennsylvania, that tariffs would be raised from 25% to 50%, "which will even further secure the steel industry in the United States".   Sky News is the ultimate source of Top Stories, News Updates, Breaking news, Top headlines, Investigative reports, Human interest stories, Weather updates, Natural disaster coverage, Crime reports, Editorial opinions, Fact-checking articles, Global events, global news, global news, global news updates, latest news, latest updates, news updates, and world news updates.   Stay informed with the latest headlines and in-depth coverage from around the world — follow Global News Update for real-time news you can trust. Don’t miss a story — hit follow now!   GLOBAL NEWS   #steel #trump #tariffs #china #trade #usa #news #newsupdates #BusinessNews #Economy #StockMarket #FinancialNews #MarketUpdate #globalnews #worldnews

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00:00If you're addressing a crowd in the iconic former steel capital of the world, then announcing

00:10a doubling of foreign tariffs on the metals import is a presidential win.

00:15We're going to bring it from 25% to 50% the tariffs on steel into the United States of

00:21America, which will even further secure the steel industry in the United States.

00:31And there was a double boost for these Pittsburgh steel workers, the announcement of a $14 billion

00:36investment commitment from Japan-based Nippon Steel, keeping US jobs secure and plants open.

00:44We're Steelers.

00:45You've got to keep it in Pittsburgh, it's where it started, it's what it's all about.

00:49We want to see this place last, you know, for the younger generation and stuff.

00:54So hopefully, you know, this steel is going to be a really good one for longevity.

00:59The last thing we want to see is this steel will not go through and then possibly the steel

01:06industry leaving the Mont Valley.

01:08Around a quarter of the steel used in America is imported, with Canada, Brazil, Mexico, South

01:14Korea and Vietnam being the five biggest exporters to the United States.

01:20The president also announced more tariffs on aluminium, where the U.S. is more exposed,

01:26importing around half.

01:28The vast majority comes from Canada, who exports twice as much to the U.S. as the next nine

01:33largest countries combined.

01:38Donald Trump has been mocked as the taco president.

01:42Trump always chickens out.

01:44He's backed down on previous threats.

01:47But nevertheless, this threat brings more uncertainty to international steel and aluminium producers.

01:55The U.K. has signed a trade deal with the U.S., but the government told Sky News it was seeking

02:00clarification.

02:02This is not the certainty British steel and aluminium producers and businesses need right

02:08now.

02:09The U.S. has signed a trade deal with Donald Trump.

02:11So that kind of froze and didn't reach the mix in terms of, is he adding on to it?

02:18Is he agreeing to do what he's already signed?

02:20So that's the first step they've got to do.

02:22And as I've said, we've got to get the details from the deal they've signed so we can carry

02:27on business as normal.

02:30President Trump has rode back on previous threats and foreign steel exporters hope he does

02:34the same this time.

02:36But as always, there's the unpredictability, and that helps no one.

02:44Ashish Joshi, Sky News.

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