Former U.S. President Donald Trump has announced that the existing 25% tariff on imported steel and aluminum will be doubled to 50%, effective Wednesday. Trump stated that this measure will revive the domestic steel industry, enhance national self-reliance, and reduce dependence on China. Speaking at a rally, he said, “There will be no layoffs, no outsourcing—and every American steelworker will soon receive a $5,000 bonus.” He further revealed a $14 billion investment in steel production in the Pittsburgh region through a joint venture between U.S. Steel and Japan’s Nippon Steel.