Trump Says He'll Increase US Steel Import Tariffs to 50%

Watch Trump Says He'll Increase US Steel Import Tariffs to 50% - Bloomberg on Dailymotion

Transcript

00:00So soon after initially taking office, I imposed powerful 25 percent tariffs on all foreign steel

00:07and ended each and every one of the Biden exceptions and exclusions. And today I have

00:13a major announcement. And are you ready to hear this? This is on behalf of Scott, Secretary of

00:22Treasury. Howard Lutnick, Secretary of Commerce, and all of the great geniuses and people we have

00:30working and they are smart, but I don't think you'd be a good steel worker, Scott. I'm sorry.

00:36I'm going to have to put a little more muscle content into that guy. But he's great. He's great

00:41at what he does. We are going to be imposing a 25 percent increase. We're going to bring it from 25

00:50percent to 50 percent the tariffs on steel into the United States of America, which will even further

00:58secure the steel industry in the United States. Nobody's going to get around that. So we're bringing

01:07it up from 25 percent. We're doubling it to 50 percent. And that's a loophole. And by the way,

01:15I have to tell you, I believe that this group of people that just made this investments right now

01:21are very happy because that means that nobody's going to be able to steal your industry. It's at 25

01:28percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence. So

01:35congratulations to everybody and to you for making a great deal. You just made a better deal, right?