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NEW YORK, US - MARCH 18, 2023 - MAGNITOGORSK, RUSSIA - OCTOBER 30, 2022: US President Donald Trump announced a major increase on Friday in tariffs on steel and aluminum imports, doubling the rate from 25% to 50%, in what he described as a move to further protect American industry. "Today, I have a major announcement," Trump said during a rally at a US Steel facility in Pittsburgh, Pennsylvania. "We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States, nobody's going to get around that," Trump said. He argued that the increase would close gaps that foreign competitors have used to bypass previous tariffs. "So, we're bringing it up from 25%, we're doubling it to 50% and that's a loophole," he added. Addressing investors in the US steel sector, Trump said: "At 25%, they can sort of get over that fence. At 50%, they can no longer get over the fence, so congratulations to everybody, and to you, for making a great deal." "I said the tariff to me is the most beautiful word in the dictionary," Trump added. The announcement came at a rally to mark the “blockbuster agreement" between Nippon Steel and US Steel. "We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company," he said. Calling Japan's Nippon Steel "a great partner," Trump said: "Japan has been a tremendous friend of mine during my years as president." "As part of this monumental commitment, Nippon will invest $2.2 billion to increase steel production here in Mon Valley Works, he said, referring to the (steel processing plant. (Footage by Lokman Vural Elibol - Mehmet Çalık - Alexander Manzyuk/Anadolu Agency via Getty Images)