US EditionTrump's 50% Tariff Will Punish American Car Makers
- In 2023, President Trump gave the green light to Nippon Steel's $14 billion acquisition of U.S. Steel and, to appease United Steelworkers leader David McCall—who had expressed objections to the deal—he increased steel tariffs to 50%.
- President Biden blocked the deal partly to support United Steelworkers leader David McCall and Cleveland-Cliffs CEO Lourenco Goncalves, whose company, despite being outbid by Nippon Steel earlier, is now facing layoffs and plant shutdowns.
- Last month, Cleveland-Cliffs revealed plans to cut its workforce by 1,000 employees, temporarily shut down facilities in Pennsylvania and Illinois, and cancel the construction of a new plant in West Virginia as part of efforts to reduce financial losses and manage debt amid shifts in the steel industry.
- Goncalves remarked that the unexpected duties imposed by Trump on Canadian automotive and steel products negatively affected his clients who market goods in the U.S., stating, "That was not part of our plan" and "Nobody saw that coming."
- A study by the Federal Reserve Board of Governors found that tariffs led to the loss of approximately 75,000 jobs in the manufacturing sector, and experts caution that while higher tariffs might improve some companies’ financial situations, they are unlikely to protect or generate employment and could increase expenses for industries that rely on steel.
42 Articles
42 Articles
Waterloo Cedar Falls Courier
America’s steel curtain will hike cost
The best that can be said about President Donald Trump’s blessing of Nippon Steel’s purchase of U.S. Steel is that it blocks Cleveland-Cliffs’ political power play to buy U.S. Steel instead. The worst to be said is that the purchase…
This Honda factory in Indiana shows how Trump’s tariffs are trying to reshape one of America’s most important industries
A tour of an Indiana car factory found both a smooth operation and an illustration of how rough it could be to try to reshape one of America’s most important industries. Article Attribution | Read More at Article Source The post This Honda factory in Indiana shows how Trump’s tariffs are trying to reshape one of America’s most important industries appeared first on RocketNews.
Steelworkers unhappy with Trump OK of Nippon takeover of U.S. Steel
PITTSBURGH—Despite Donald Trump’s promises that the deal would save jobs, the Steelworkers are at best very skeptical of Nippon Steel’s $14 billion purchase of U.S. Steel, and of Trump, too, who has gone back on his word and now supports the deal..
Montana Standard
Trump's 50% tariff will punish American car makers
The best that can be said about President Donald Trump’s blessing of Nippon Steel’s purchase of U.S. Steel is that it blocks Cleveland-Cliffs’ political power play to buy U.S. Steel instead. The worst to be said is that the purchase…
Trump’s reversal on U.S. Steel sale raises fears of long-term coal dependence in Pennsylvania
President Donald Trump celebrated the sale of U.S. Steel to Japan’s Nippon Steel on Friday, a move that could lock in coal-powered steel production for another generation despite environmental and economic shifts away from the fuel.Kiley Bense reports for Inside Climate News.In short:Trump endorsed Nippon Steel’s $15 billion acquisition of U.S. Steel after initially opposing it, promising tariffs and jobs but offering few details on climate or m…
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