President Trump announced plans to double import tariffs on steel from 25% to 50%, starting June 4, sparking significant stock increases for steel companies. This move is aimed at supporting domestic steel workers through a deal between Nippon Steel and U.S. Steel. However, it met resistance from the United Steelworkers union, which raised concerns about Nippon's trade violations and suggested that this partnership could jeopardize national security. Additionally, Canada criticized the tariffs as harmful to their workers and the economy, highlighting international tensions surrounding trade practices.
Nippon has a long history of committing unfair trade practices. Indeed, the International Trade Commission determined that the company violated U.S. trade laws in 13 different trade cases, David McCall, president of the United Steelworkers, said in a statement.
Just last month, the Department of Commerce imposed duties of more than 200 percent on Nippon for the illegal dumping of steel. Yet, despite ongoing injury and continuing penalties, Nippon is being rewarded.
Donald Trump's plan to double steel & aluminum tariffs is yet another direct attack on Canadian workers and a reckless move that will send shockwaves across the Canadian economy, Bea Bruske, president of the Canadian Labour Congress, said in a statement.
During his announcement, the president said he was working on an agreement between Nippon Steel and U.S. Steel-insisting that the $14.9 billion deal will help keep jobs for steel workers in the U.S., according to Reuters.
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