""We are going to be imposing a 25pc increase. We're going to bring it from 25pc to 50pc - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania."
"The Canadian Chamber of Commerce denounced the tariff hike as detrimental, highlighting the adverse impact on trade relationships and the potential for retaliation."
President Trump announced a significant tariff increase on imported steel and aluminum, raising the tariff rate from 25% to 50%. This measure aims to strengthen the domestic steel industry by imposing more pressure on foreign producers. The decision, scheduled to take effect on June 4, has already caused a surge in shares for Cleveland-Cliffs, a major steelmaker. Meanwhile, the Canadian Chamber of Commerce criticized the move, suggesting it could strain trade relations and invite retaliatory measures.
Read at Irish Independent
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