Donald Trump made a surprise announcement doubling tariffs on imported steel and aluminum from 25% to 50% during a speech in Pittsburgh celebrating a deal between US Steel and Japan’s Nippon Steel Corporation.
The exact nature of the US Steel deal Trump blessed remained unclear. Although the president insists that it is “a partnership”, Nippon Steel has never withdrawn its bid to buy and control US Steel as a wholly owned subsidiary. The US Steel website still describes the deal as “US Steel’s agreement to be acquired by NSC”.
If the deal is a purchase of US Steel by its Japanese rival, Trump would be breaking a campaign promise to block any such sale.
Trump held a bizarre press conference in the Oval Office with Elon Musk, during which the billionaire said farewell to his role as a special government employee and the president repeated false claims about government spending his donor-turned-aide had stopped.
Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce,...
