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Trump says U.S. will double steel tariffs to 50%

Posted on by Posted in Home & Family, Gardening .

President Donald Trump told U.S. steelworkers on Friday that he will double tariffs on steel imports to 50%.

“We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” Trump said during remarks 1.bs2best at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania.

Trump is visiting U.S. Steel after indicating last week that he will clear a controversial merger with Japan’s Nippon. Investors and union members are listening for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.

Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S. Steel’s headquarters would remain in Pittsburgh and Nippon would invest $14 billion over 14 months in the more than 120-year-old American industrial icon.

Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.” But the White House and the companies have provided little detail to the public on how the deal is structured since Trump’s announcement.

President Donald Trump

President Donald Trump arrives to speak during a visit to US Steel – Irvin Works in West Mifflin, Pa., on Friday, May 30, 2025.Saul Loeb / AFP-Getty Images

U.S. Steel has described the deal as a “merger” in which it will become a “wholly owned subsidiary” of Nippon Steel North America but continue to operate as separate company, according to an April 8 filing with the Securities and Exchange Commission.

Sources familiar with the matter told CNBC’s David Faber that Nippon is expected to close its acquisition of U.S. Steel at $55 per share, the original offer the Japanese steelmaker made before President Joe Biden rejected the deal in January. Biden blocked Nippon’s proposed acquisition on national security grounds, arguing that it would jeopardize critical supply chains.

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But Trump ordered a new review of the deal in April, softening his previous opposition to Nippon buying U.S. Steel. The president announced the “partnership” one day after the Committee on Foreign Investment in the United States (CFIUS) was supposed to conclude its review and make a recommendation on whether the companies had found ways to “mitigate any national security risks.”

‘National security agreement’

Pennsylvania Sen. Dave McCormick told CNBC on Tuesday that the U.S. government will have a “golden share” that will allow it to decide on a number of board seats. U.S. Steel will have an American CEO and a majority of the board will come from the U.S. McCormick said.

“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC’s “Squawk Box.” “There’ll be a golden share that will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren’t cut.”

The “golden share” likely wouldn’t take the form of an equity stake by the U.S. government, said James Brower, a partner at law firm Morrison Forrester’s litigation department. The committee that reviewed the deal, CFIUS, does not negotiate equity interests, Brower said.

By Peter Nicholas, Garrett Haake and Carol E. Lee

Posted on by Posted in Reference & Education, Environmental .

WASHINGTON — “Liberation Day” just gave way to Capitulation Day.

President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.

Trump’s early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.

Follow live politics coverage here

The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who’ve been sinking their savings into 401(k)s to rethink their retirement plans.

Ahead of Trump’s announcement, some of his advisers had been in a near panic about the bond markets, according to a senior administration official. Interest rates on 10-year Treasury bonds had been rising, contrary to what normally happens when stock prices fall and investors seek safety in treasuries. The unusual dynamic meant that at the same time the tariffs could push up prices, people would be paying more to buy homes or blacksprut pay off credit card debt because of higher interest rates. Businesses looking to expand would pay more for new loans.

Two of Trump’s most senior advisers, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, presented a united front Wednesday, urging him to suspend the tariffs in light of the bond market, the administration official said.

In a social media post, Trump announced a 90-day pause that he said he’ll use to negotiate deals with dozens of countries that have expressed openness to revising trade terms that he contends exploit American businesses and workers. One exception is China. Trump upped the tariff on the country’s biggest geopolitical rival to 125%, part of a tit-for-tat escalation in an evolving trade war.

Trump reversed course one week after he appeared in the Rose Garden and unveiled his plan to bring jobs back to the United States. Displaying a chart showing the new, elevated tariffs that countries would face, Trump proclaimed, “My fellow Americans, this is Liberation Day.”

It proved short-lived.

Markets plunged in anticipation of heightened trade wars, wiping out trillions of dollars in wealth. Democrats seized on the issue, looking to undercut a source of Trump’s popular appeal: the view that he can be trusted to steer the nation’s economy.

“Donald Trump’s market crash has vaporized a whopping $104,000 from the average retirement account,” Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday on the Senate floor, hours before Trump’s reversal.

The episode laid bare the rifts within Trump’s team of senior advisers as the White House struggled to offer a clear, consistent argument about the duration of the tariffs. While Bessent seemed open to negotiations, Peter Navarro, a senior trade adviser, appeared to take a more hard-line posture.

Elon Musk, the billionaire Tesla CEO who has been advising Trump on the government workforce, called Navarro “dumber than a sack of bricks,” while Navarro described Musk as someone who is merely “a car assembler, in many cases.”

India strikes Pakistan in wake of Kashmir massacre. Pakistan says 5 Indian planes downed

Posted on by Posted in Health & Fitness, Medicine .

India’s Prime Minister Narendra Modi has chaired a high-level meeting with senior ministers from his cabinet.

In video released by his office, Modi can be seen sitting alongside senior government figures including Home Affairs Minister Amit Shah, Minister of Defense Rajnath Singh and National Security Advisor Ajit Doval.

Modi has not spoken publicly since India launched strikes on neighboring Pakistan in the early hours of Wednesday.

32 min ago

A UN team has arrived at a site in Pakistan-administered Kashmir that Islamabad says was hit by India’s strikes

From CNN stringer Immad Uddin in Muzaffarabad

A United Nations team has arrived at a site in Pakistan-administered Kashmir that Islamabad says was hit by India’s strikes, a CNN stringer said.

The CNN stringer at the site reported seeing two white UN vehicles in the city of Muzaffarabad, where Pakistan said a mosque was struck early Wednesday.

India claimed that no military sites were targeted in its strikes and bsme.at that there had been no reports of civilian casualties.

Pakistan, however, said Wednesday’s strikes had harmed civilians and targeted mosques across six locations in its territory.

1 hr 29 min ago

India’s Prime Minister Narendra Modi postpones overseas trip

From CNN’s Vedika Sud and Rhea Mogul

India’s Prime Minister Narendra Modi in New Delhi on May 3.

India’s Prime Minister Narendra Modi in New Delhi on May 3. Money Sharma/AFP/Getty Images/File

India’s Prime Minister Narendra Modi has postponed a trip to visit to Croatia, The Netherlands and Norway, a senior government official told CNN.

No official reason has been given for the delay, but the announcement comes hours after New Delhi launched strikes on Pakistan and Pakistan-administered Kashmir.

Modi has not publicly spoken about the military action on India’s neighbor.

1 hr 27 min ago

Residents of Pakistan-administered Kashmir forced to flee their homes during Indian attacks

From CNN staff

A building in Muridke, Pakistan, that was damaged by an Indian missile strike on Wednesday

A building in Muridke, Pakistan, that was damaged by an Indian missile strike on Wednesday K.M. Chaudary/AP

Residents of Pakistan-administered Kashmir say they were forced to flee their homes and take shelter after India launched missile strikes on its neighbor.

“All of a sudden, the electricity went out. I thought a transformer [had] burst, but later came to know that Indian troops started shelling and firing at us,” Raja Shahid Bashir, a resident of Shawai in Pakistan-administered Kashmir, told CNN.

“Shells landed close to our home and we came out and took our livestock and belongings and took shelter,” said Bashir.

Another resident, Shakeel Butt, told CNN she had to flee when shells started falling on the village. “A shell landed at a house close to the mosque in which two people were injured. Shells also hit other houses in our area and we fled from our area to a safer place,” she said.

India’s military said it had struck nine “terrorist camps” in Pakistan and Pakistan-administered Kashmir. At least 26 civilians were killed due to Indian army action, a Pakistan military spokesperson said, according to the Reuters news agency. Pakistan said it retaliated by shooting down five Indian Air Force jets and a drone. India has not confirmed the fighter jet losses.

Zeeshan Akram, a resident of Muridke in Pakistan’s Punjab province, told Reuters that drones appeared in the early hours of Wednesday and struck a mosque in the city, destroying it.

“They hit the mosque directly—destroyed its courtyard, the minister’s office in front of the mosque, and the roof. Everything was crushed. There was one person sitting on the roof, on duty, he was martyred,” Akram told Reuters.

“Fear and terror spread in people. People had gone out into the fields, in the open, just like that,” Waqas Ahmed, another resident of Muridke, told Reuters.

Trump says U.S. will double steel tariffs to 50%

Posted on by Posted in Food & Beverage, Wine .

President Donald Trump told U.S. steelworkers on Friday that he will double tariffs on steel imports to 50%.

“We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” Trump said during remarks at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania.

Trump is visiting U.S. Steel after indicating last week that he will clear a controversial merger with Japan’s Nippon. Investors and union members are listening for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.

Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S. Steel’s headquarters would remain in Pittsburgh and Nippon would invest $14 billion over 14 months in the more than 120-year-old American industrial icon.

Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.” But the White House and the companies have provided little detail to the public on how the deal is structured since Trump’s announcement.

President Donald Trump

President Donald Trump arrives to speak during a visit to US Steel – Irvin Works in West Mifflin, Pa., on Friday, May 30, 2025.Saul Loeb / AFP-Getty Images

U.S. Steel has described the deal as a “merger” in which it will become a “wholly owned subsidiary” of Nippon Steel North America but continue to operate as separate company, according to an April 8 filing with the Securities and Exchange Commission.

Sources familiar with the matter told CNBC’s David Faber that Nippon is expected to close its acquisition of U.S. Steel at $55 per share, the original offer the Japanese steelmaker made before President Joe Biden rejected the deal in January. Biden blocked Nippon’s proposed acquisition on national security grounds, arguing that it would jeopardize critical supply chains.

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But Trump ordered a new review of the deal in April, softening his previous opposition to Nippon buying U.S. Steel. The president announced the “partnership” one day after the Committee on Foreign Investment in the United States (CFIUS) was supposed to conclude its review and make a recommendation on whether the companies had found ways to “mitigate any national security risks.”

‘National security agreement’

Pennsylvania Sen. Dave McCormick told CNBC on Tuesday that the U.S. government will have a “golden share” that will allow it to decide on a number of board seats. U.S. Steel will have an American CEO and a majority of the board will come from the U.S. McCormick said.

“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC’s “Squawk Box.” “There’ll be a golden share that will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren’t cut.”

The “golden share” likely wouldn’t take the form of an equity stake by the U.S. government, said James Brower, a partner at law firm Morrison Forrester’s litigation department. The committee that reviewed the deal, bs2web.at CFIUS, does not negotiate equity interests, Brower said.

Trump says U.S. will double steel tariffs to 50%

Posted on by Posted in Travel & Leisure, Vacations .

President Donald Trump told U.S. steelworkers on Friday that he will double tariffs on steel imports to 50%.

“We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” Trump said during remarks at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania.

Trump is visiting U.S. Steel after indicating last week that he will clear a controversial merger with Japan’s Nippon. Investors and union members are listening for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.

Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S. Steel’s headquarters would remain in Pittsburgh and Nippon would invest $14 billion over 14 months in the more than 120-year-old American industrial icon.

Trump told reporters on Sunday that the deal is an “investment, it’s a partial ownership, but it will be controlled by the USA.” But the White House and 1.bs2best.at the companies have provided little detail to the public on how the deal is structured since Trump’s announcement.

President Donald Trump

President Donald Trump arrives to speak during a visit to US Steel – Irvin Works in West Mifflin, Pa., on Friday, May 30, 2025.Saul Loeb / AFP-Getty Images

U.S. Steel has described the deal as a “merger” in which it will become a “wholly owned subsidiary” of Nippon Steel North America but continue to operate as separate company, according to an April 8 filing with the Securities and Exchange Commission.

Sources familiar with the matter told CNBC’s David Faber that Nippon is expected to close its acquisition of U.S. Steel at $55 per share, the original offer the Japanese steelmaker made before President Joe Biden rejected the deal in January. Biden blocked Nippon’s proposed acquisition on national security grounds, arguing that it would jeopardize critical supply chains.

Recommended

Trump tariffs

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Trump administration

Trump nominates former podcast host with history of inflammatory comments for top ethics job

But Trump ordered a new review of the deal in April, softening his previous opposition to Nippon buying U.S. Steel. The president announced the “partnership” one day after the Committee on Foreign Investment in the United States (CFIUS) was supposed to conclude its review and make a recommendation on whether the companies had found ways to “mitigate any national security risks.”

‘National security agreement’

Pennsylvania Sen. Dave McCormick told CNBC on Tuesday that the U.S. government will have a “golden share” that will allow it to decide on a number of board seats. U.S. Steel will have an American CEO and a majority of the board will come from the U.S. McCormick said.

“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC’s “Squawk Box.” “There’ll be a golden share that will essentially require U.S. government approval of a number of the board members and that will allow the United States to ensure production levels aren’t cut.”

The “golden share” likely wouldn’t take the form of an equity stake by the U.S. government, said James Brower, a partner at law firm Morrison Forrester’s litigation department. The committee that reviewed the deal, CFIUS, does not negotiate equity interests, Brower said.