Donald Trump says he is going to double tariffs on foreign steel from 25% to 50%

President Donald Trump speaks at the US Steel Mon Valley Works (AP Photo/David Dermer)

President Donald Trump said that he is doubling the tariff rate on steel to 50%, a dramatic increase that could further push up prices for a metal used to make housing, cars and other goods.

Mr Trump spoke at US Steel’s Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, to discuss investments by Japan’s Nippon Steel.