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Trump Announces Plans to Double Tariffs on Steel and Aluminum, Sparking Domestic and International Backlash

Former President Donald Trump has announced a dramatic escalation in U.S. trade policy, vowing to double tariffs on steel and aluminum imports from 25% to 50%. The move, unveiled during a rally at U.S. Steel’s Mon Valley Works plant in Pennsylvania, has triggered sharp criticism from economists, business leaders, and foreign governments alike.

“We’re going to bring it from 25% to 50%—the tariffs on steel into the United States—which will even further secure the steel industry in the United States,” Trump told a crowd of steelworkers on Friday. He later confirmed on his Truth Social account that the same rate would apply to aluminum imports, calling the decision “a big jolt of great news” for American metalworkers.

The announcement comes amid legal challenges to Trump’s broader tariff strategy and days after U.S. Steel finalized a major acquisition agreement with Japan’s Nippon Steel. Trump has praised the deal, saying it will not result in layoffs and will maintain U.S. control of the company.

The new tariffs are set to take effect on June 4, though previous similar moves have been delayed or paused for negotiations. Still, experts warn that this latest increase could further destabilize global trade relationships and place additional strain on U.S. manufacturers.

“Regardless of whether you’re in favor of or against these tariffs, you don’t want the president to just set tax rates arbitrarily,” said Felix Tintelnot, an economics professor at Duke University. He noted that uncertainty around trade policy has discouraged long-term investments in heavy industry.

Wayne Winegarden of the Pacific Research Institute criticized the lack of economic rationale for the tariff hike. “They’ve never explained why 25% was the right number, let alone why it’s now 50%,” he said, warning that the costs will be passed down to U.S. consumers and manufacturers.

Industry groups echoed those concerns. The United Steelworkers union in Canada called the move “a direct attack on Canadian industries and workers,” while Canadian Labour Congress President Bea Bruske warned it could shut Canadian steel and aluminum out of the U.S. market entirely.

International partners reacted swiftly. The European Union threatened retaliatory tariffs by July 14 unless a solution is reached. Australian officials called the decision “unjustified,” and the U.K. is now seeking exemption through diplomatic talks.

With legal, economic, and geopolitical consequences mounting, Trump’s latest tariff move sets the stage for a new phase in global trade tensions—one with high stakes for workers, businesses, and international allies alike.

Business

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Business

Fraudsters are increasingly using AI-generated images and videos to trick people into handing over sensitive personal and financial information, according to FraudSMART, the financial crime awareness initiative operated by the Banking and Payments Federation Ireland (BPFI). The organisation has reported a rise in online adverts promoting fake, State-backed investment schemes. These scams often use fabricated images of well-known politicians and business figures to make the offers appear legitimate and encourage users to click on registration links. Niamh Davenport, head of financial crime at BPFI, said scammers are deliberately exploiting recent media coverage of a planned State-backed savings and investment scheme to give their frauds a sense of credibility. “They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly,” she said. “They typically promise guaranteed returns or a guaranteed monthly income.” FraudSMART said that while anyone can be targeted, people in their early 50s are particularly vulnerable to investment scams. This age group is often focused on retirement planning, making them more receptive to financial offers that appear secure or high-yield. According to the organisation, most scams follow a similar pattern. Victims are first directed to click a registration link and complete a short online form providing their contact details. They are then contacted by someone posing as a financial adviser, who urges them to make an immediate “security deposit” to secure participation in the scheme. Once a payment is made, the money is quickly moved through multiple accounts, often overseas, making recovery extremely difficult. Davenport warned that scammers are becoming more sophisticated in their use of technology, particularly AI tools that allow them to create realistic but entirely fake promotional content. These materials are designed to mimic legitimate financial advertisements and build trust with potential victims. Recent figures from An Garda Síochána show investment fraud rose by 20% last year, with losses exceeding €20 million. The scale of individual scams varies widely, ranging from smaller crypto-related frauds involving a few hundred euro to large-scale investment schemes where victims lose tens of thousands. FraudSMART is urging the public to remain cautious when encountering online investment advertisements, especially those promising guaranteed returns or requiring urgent action. It also advises consumers to avoid sharing personal information with unverified sources and to be wary of pressure tactics designed to rush financial decisions. Authorities continue to warn that fraudsters are adapting quickly, using advanced digital tools to target victims across multiple platforms.

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