New Delhi, May 31 -- On Saturday, U.S. President Donald Trump announced a significant increase in tariffs on steel imports, raising them from 25% to 50%.

The new tariff rate is set to take effecton June 4.

Speaking at U.S. Steel's Mon Valley Works-Irvin Plant in West Mifflin, Pennsylvania, Trump emphasised that the move is intended to bolster the domestic steel industry by reducing reliance on foreign steel.

He stated, "We're going to bring it from 25 percent to 50 percent... which will even further secure the steel industry."

The announcement also touched upon the recent agreement involving Japan-based Nippon Steel's investment in U.S. Steel.

Trump assured that under the deal, U.S. Steel would remain an American company, highlightin...