US Steel and Nippon Steel, two of the world’s largest steel producers, have announced that they will file a lawsuit against the US government over tariffs imposed on steel imports.
The two companies, which have been major producers of steel in the global market, have been affected by the 25% tariff imposed by the Trump administration on steel imports. The tariff was introduced in March in an effort to protect American industry and jobs.
However, the two steel giants argue that the tariff has had unintended consequences, leading to a surge in prices, a shortage of inventory, and a significant decline in imports from their countries.
The lawsuit, expected to be filed in federal court, will challenge the constitutionality of the tariff and argue that it is causing harm to their businesses and customers. The two companies have also called for the tariff to be repealed and replaced with alternative measures to protect the US steel industry.
The feud is the latest development in the ongoing trade tensions between the US and major trading partners like China, whose exports have also been hit by the tariff. The issue is set to be a major test for the US administration’s trade policy, with many analysts predicting a prolonged and challenging road ahead.
