It's looks as if Wednesday will be a day to remember for those making a living out of exporting steel to the USA as President Donald Trump has announced plans to double tariffs on steel from 25% to 50%.
According to a BBC report, the Donald, speaking in Pittsburgh, PA, told crowds of MAGA people that the move will boost the local steel industry and national supply, but crucially will reduce the USA's reliance upon China.
Trump spoke of a $14 billion investment in the Pittsburgh region's steel production through a controversial partnership between US Steel and Japan's Nippon Steel but said the deal had yet to be approved. The Japanese steel giant fought off US steel heavyweight Cleveland Cliffs and for a long time the deal has been abeyance... until now.
Pittsburgh is a steel town so the news that all steelworkers, as part of the Nippon deal with US Steel, would receive a $5,000 bonus went down well with crowds who were promised no layoffs and no outsourcing. This was all about making America great again.
Trump was preaching to the converted, telling them he had saved US Steel during his first term of office when he slapped 25% tariffs on imported steel, but when the US Steel/Nippon deal became a reality there were concerns over workers rights and pay.
Talking about the 50% tariffs, Trump said that they (Chinese steelmakers basically) "can no longer get over the fence", adding that his plan was to put Pittsburgh – or rather Pennsylvania – back on the US steelmaking map.
It is estimated that roughly a quarter of the steel used in the US is imported. Ultimately, then, Trump is all about levelling the playing field for US steelmakers. It's a phrase that has been used extensively in the US for over a decade as the world, not just the USA, attempts to come to terms with China's long-term steel overcapacity and the fact that, with local demand for Chinese steel declining, the country has been 'dumping' it's steel on foreign countries.