President Trump announced plans to double tariffs on imported steel and aluminum from 25% to 50%, a move intended to bolster the U.S. steel industry and protect American jobs. This announcement was made during a rally in Pennsylvania, coinciding with a significant agreement between Nippon Steel and U.S. Steel, valued at $14.9 billion. The tariff increase is set to take effect shortly, intensifying the ongoing trade war and impacting global steel producers.

Following the announcement, shares of Cleveland-Cliffs Inc surged by 26%, indicating investor optimism regarding the potential for increased profits due to the new tariffs. However, the tariff hike has drawn criticism from international trade partners, including Canada and Australia, who argue that it undermines economic security and could lead to higher prices for consumers and businesses reliant on steel and aluminum imports.