Reactions from all over the world when steel tariffs doubled
“Strong regret” and “unfair” were part of the responses from trading partners around the world as the US doubled tariffs on steel imports.
President Donald Trump signed a signature on June 13 that paved the way for the acquisition of US steel, as long as Japan-based Nippon Steel is “compliant” with the national security agreement.
The company announced it has joined a national security agreement with the US government, which requires $11 billion in new investments by 2028.
“This partnership will bring about large investments to support our communities and families for generations to come,” the company announced in a joint statement. “We look forward to steering our commitment into action to make America’s steelworks and manufacturing great again.”
The agreement brings the company one step closer to completing the $14.3 billion sale of US steel that it agreed to in December 2023.
The company also said the partnership will bring investments in steel mills, protecting and creating more than 100,000 jobs.
In January, former President Joe Biden issued an executive order to halt the acquisition of US steel in Japan, saying it would put America’s biggest steel producers under foreign control and create a “national security” risk.
In February, Trump said that Nippon Steel would try to invest in American steel rather than owning the iconic American company.
“Steel strengthens our country: our infrastructure, our automotive industry, and our defense industry base,” he said. “Without domestic steel production and domestic steel workers, our country is not that strong and less secure.”
Trump doubled US tariffs on steel imports by 50% on June 4th.
The acquisition will set the icon of diseased American steel, receiving important investments and enable Nippon Steel to take advantage of many American infrastructure projects. Additionally, if a company fails to secure approval, Japanese companies will be exempt from paying a $565 million dissolution fee.
