US President donald trump visited a plant of united states Steel Corporation on Friday. During this, he said that he would increase the tariff on steel and aluminum from 25 percent to 50 percent. He says that this will help in the safety of American workers.
trump had come in support of this deal
Actually, trump had gone to a plant in Pittsburgh in connection with a possible deal between US Steel and Japan's Nippon Steel Corp. Here he said that increasing the tariff on steel would benefit American operations for this new venture.
In the year 2023, Nippon Steel had proposed to buy US Steel for US $ 14.9 billion, but the then Biden government stopped this deal, calling it a threat to national security. While sources say that trump is in support of this deal, calling it a partnership. By investing billions of dollars in US Steel's plants, Nippon will share its steel manufacturing technique with US Steel and both will work together in this direction.
Why did Biden oppose?
Biden believed that the US economy benefits greatly from the American steel industry. The supply chain here is also strong. In such a situation, if its ownership goes into the hands of another foreign company, then the control of its supply chain will also come to it, which will harm America. trump has also talked about increasing the tariff on aluminum in one of his posts on the Truth social platform. He said that the new rates will be effective from Wednesday, june 4.
Money will be spent on these works
trump has also planned the expenditure of US $ 14.9 billion received as investment from Nippon Steel. He said that out of this, $ 5,000 will be spent on giving bonuses to the employees of US Steel. $ 2.2 billion will be kept to increase steel production at the Mon Valley Works plant. Apart from this, $7 billion will be spent on building several facilities in Indiana, Minnesota, Alabama and Arkansas. There are also plans to modernize steel mills and expand ore mining..jpg)
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