Market Chatter: Trump Plans Tariff Hike for Steel and Aluminum Amid Nippon-US Steel Deal Negotiation

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Market Chatter: Trump Plans Tariff Hike for Steel and Aluminum Amid Nippon-US Steel Deal Negotiation

MT Newswires Live06-03

President Donald Trump intends to raise tariffs on steel and aluminum from 25% to 50%, according to Bloomberg News, citing the president during a visit to a United States Steel Corp. plant near Pittsburgh.

Trump was also there to champion a prospective deal between US Steel and Japan's Nippon Steel (TYO:5401), aiming to ensure the iconic American firm remains domestically owned and operated, despite vague details of the agreement.

He stated the higher tariffs would particularly benefit the American operations of any new venture, emphasizing that a 50% tariff would effectively prevent foreign entities from undermining the industry.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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