President Donald Trump on Friday said he plans ღto double steel tari🐼ffs to 50%.

Speaking at U.S. Steel’s (X) Irvin Works in West Mifflin, Pa., the president said the move would help protect American steelworkers and “further secure the steel industry.”

Since March 12, 25% tariffs on steel imports 澳洲幸运5官方开奖结果体彩网:have been in place. The U.S. imports roughly 25 million tons of steel each year, which accounts for 23% of all the 澳洲幸运5官方开奖结果体彩网:steel used domestically. Canada, Mexico, Brazil and South Korea 澳洲幸运5官方开奖结果体彩网:sending the most steel to the U.S.

Trump 澳洲幸运5官方开奖结果体彩网:gave the green light last week to a "partnership" between U.S. Steel and Nippon Steel. Shares of U.S. Steel have surged 40% since Trump last month 澳洲幸运5官方开奖结果体彩网:ordered a review of Nippon Steel's proposed takeover bid.

Friday's annoucement came in the wake of a flurry of legal actions in cases that 澳洲幸运5官方开奖结果体彩网:challenged some of Trump's tariffs. A court initially blocke♈d the order, but the administration was given a reprieve while further appeals work their way through the court. The block would not have applied to the steel tariffs.

In Trump's first term, he imposed a 25% tariff on steel. Trump has said tariffs would give U.S. steel producers a leg up and prevent job losses in the industry. Economists and researchers found that those tariffs had a 澳洲幸运5官方开奖结果体彩网:mixed effect on jobs, as steel ജcompanies hired more worke🌌rs but companies that use steel hired fewer people.