[Breaking News] Trump Signs Proclamation Raising Steel and Aluminum Tariffs by 25~50%

According to industry sources on the 3rd (local time), President Donald Trump of the United States signed a proclamation increasing tariffs on foreign-made steel and aluminum products imported into the United States from 25% to 50%.

According to the proclamation distributed by the White House on this day, President Trump instructed that the increased tariff rates take effect from 12:01 AM on June 4.

This measure by President Trump is the implementation of his announcement made on the 30th of last month at the U.S. Steel plant outside Pittsburgh, Pennsylvania, where he declared that he would raise steel and aluminum tariffs.

As a result, the itemized tariffs that began to be imposed on steel and aluminum since March 12 have doubled from 25%.

The Korean steel industry is expected to suffer even more severe damage.

It is reported that President Trump made this decision after reviewing an investigation into the impact of steel and aluminum imports on national security.

In the proclamation, President Trump explained, "The increased tariffs will more effectively block foreign countries from continuing to export cheap, excess-produced steel and aluminum to the U.S. market, thereby weakening the competitiveness of the relevant U.S. industries."

He added, "Previous tariffs (25%) provided important price support in the U.S. market; however, this was not sufficient to achieve and maintain the production capacity utilization needed to keep the industry in a sustainable and sound state and to meet anticipated national security demands going forward."