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    Trump Pledges to Double Tariffs on Foreign Steel and Aluminum to 50%

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    President Trump made the announcement at a U.S. Steel factory outside Pittsburgh.President Trump said on Friday that he would double the tariffs he had levied on foreign steel and aluminum to 50 percent, a move that he claimed would further protect the industry.The announcement came as Mr. Trump traveled to a U.S. Steel factory outside Pittsburgh to hail a “planned partnership” that he helped broker between U.S. Steel and Nippon Steel, a corporate merger that he opposed last year as a presidential candidate. Although the details of the U.S. Steel deal are still murky — and Mr. Trump later admitted he had not yet seen or signed off on it — the president used the moment to cast himself as a champion of the embattled industry.Speaking to a crowd of steel workers, Mr. Trump claimed that foreign countries had been able to circumvent the 25 percent tariff he put in place this year. The higher tariffs would “even further secure the steel industry in the United States,” Mr. Trump said.It is not clear how much doubling the tariff rate would actually bolster the domestic steel sector, but the move gave Mr. Trump the opportunity to wield tariffs at a time when his other import taxes have proved vulnerable to legal challenges.In a post on Truth Social, Mr. Trump said that the tariffs would take effect on June 4 and that they would provide a “big jolt” to American steel and aluminum workers.Mr. Trump has in recent weeks announced large tariffs only to quickly reverse himself and pause them. Analysts suggested on Friday that Mr. Trump could be seeking new ways to gain leverage over trading partners as the pace of negotiations has proved to be painfully slow.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Markets Play Down the Hit From Trump’s Latest Trade Fight

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      Global markets are in a wait-and-see mode as President Trump vows to slap steel and aluminum tariffs, among other levies, on trading partners.President Trump has ramped up the tariff war. This time, the markets reaction has been muted.Pete Marovich for The New York TimesHope you enjoyed the Super Bowl on Sunday night, and congrats to the Philadelphia Eagles. The ads were better than the game. We’ve got a rundown below.I got into a substantive debate on Sunday with Joe Lonsdale, the venture capitalist and co-founder of Palantir, and other investors, about how carried interest is taxed. President Trump has vowed to eliminate the tax exemption, which I’ve been writing about since 2007. You can read excerpts from the debate below.The new phase of the tariff fight Get ready for the latest round of President Trump’s trade wars.On Air Force One on Sunday, en route to the Super Bowl, the president said he would impose a 25 percent levy on all steel and aluminum imports and that reciprocal tariffs on trading partners were coming.China has already retaliated against new Trump tariffs that took effect on Monday, leaving the global economy to grapple with the reality of worldwide trade battles.The latest: Beyond the metals levy — which is aimed squarely at China — Trump is also eyeing broad tariffs on Europe, Taiwan and others, as well as on industries and key commodities like copper, pharmaceuticals and semiconductors.Beijing has retaliated with $14 billion worth of tariffs against select American exports, including, coal, liquid natural gas and farm equipment, a sign that the trade war could expand quickly. “Trade and tariff wars have no winners,” Guo Jiakun, a spokesman for China’s foreign ministry, said on Monday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How Swing State Politics Are Sinking a Global Steel Deal

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      As the Biden administration nears a decision to block the proposed acquisition of U.S. Steel, the debate over national and economic security is being dwarfed by presidential politics.The Biden administration has spent the past three years promoting a policy of “friend-shoring,” which aims to contain China and Russia by forging closer ties with U.S. allies like Europe and Japan.That policy appears to stop at the state lines of Pennsylvania.As the administration nears a decision to block the proposed acquisition of the Pittsburgh-based U.S. Steel by Japan’s Nippon Steel, the traditional debate over national security and economic security is being dwarfed by a more powerful force: presidential politics.Legal experts, Wall Street analysts and economists expressed concern about the precedent that would be set if President Biden uses executive power to block a company from an allied nation from buying an American business. They warn that scuttling the $15 billion transaction would be an extraordinary departure from the nation’s culture of open investment — one that could lead international corporations to reconsider their U.S. investments.“This was a purely political decision, and one that stomps on the Biden administration’s stated focus on building alliances among like-minded countries to advance the economic competition with China,” said Christopher B. Johnstone, a senior adviser and the Japan chair at the Center for Strategic and International Studies. “At the end of the day, it represents pure protectionism that draws no apparent distinction between our friends and our adversaries.”Administration officials such as Treasury Secretary Janet L. Yellen, who leads a government panel that is reviewing the steel deal, have espoused the benefits of deepening economic ties with U.S. allies to make supply chains more resilient. Those sentiments are being disregarded in the heat of an election year, where domestic political dynamics take priority.The Biden administration has been under pressure to find a way to justify blocking the Nippon acquisition amid backlash against the deal from the powerful steelworkers’ union. The labor organization believes that Nippon, which has pledged to invest in Pennsylvania factories and preserve jobs, could jeopardize pension agreements and lay off employees.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Test Your Knowledge of Chicago, the D.N.C. Host City

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      The Democrats are arriving in Chicago, the country’s third-largest city, for their first in-person convention in eight years. The gathering comes at a pivotal time for the party, which switched its presidential nominee only weeks ago, and for the city, which is regaining its swagger after a pandemic slump.How much do you know about Chicago? Take our quiz to find out. More