Trump Warns Of Tariffs Up To 200% For Companies That Don't Build In The US — 'We're Doing Great On Steel Because We Charge Tariffs'

Addressing reporters following the NATO summit in Turkey, Trump said that he revived the steel industry during each of his terms.

• Trump said companies that do not manufacture their products in the U.S. could face tariffs ranging from 25% to 200%, depending on the product.
• He added that while the U.S. is no longer producing aluminum currently, it will soon have the world's largest aluminum plant in Oklahoma.
• Trump said he was not surprised by Toyota’s $3.6 billion investment in its Texas plant, adding that it could be the largest car-making plant in the world.

President Donald Trump on Wednesday threatened that the U.S. could impose tariffs of up to 200% on companies that don’t build in the United States.

Addressing reporters following the NATO summit in Turkey, Trump said that he revived the steel industry during his first term. “We're doing great on steel because we charge tariffs. So now, all of a sudden, the steel industry, which was absolutely dead a few years ago... I revived it in my first term pretty good... and then they blew it in the Biden term,” he said.

Trump added that he revived the industry once again during his current term. “If you build your product here, you pay no tariff. If you don’t, you pay a 25% tariff… 35% sometimes… sometimes a 100%, 200%, depending on what the product is,” he said.

Last month, Trump threatened to impose a 100% tariff on countries that levy a digital services tax (DST) on U.S. companies. He said that several European countries have been discussing implementing DST targeting American companies, with some reportedly close to moving forward.

“Please let this statement serve to represent that any country that imposes such a tax will immediately be met with a 100% tariff on any and all goods sent to the United States of America,” Trump added.

Trump Says US Will Have The Largest Aluminum Plant In The World

Trump added that while the U.S. is no longer producing aluminum currently, it will soon have the world's largest aluminum plant in Oklahoma.

The U.S. president was referring to the $4 billion Oklahoma Primary Aluminum project, which is currently undergoing technical studies and regulatory approvals, according to a report by AL Circle.

According to the project website, a total of $1.3 billion in state and local tax revenues is expected to be generated over 30 years, with 1,000 direct and 2,000 indirect jobs created.

Not Surprised By Toyota’s Investment Decision, Says Trump

Trump also said that he was not surprised by Toyota Motor Corp.’s (TM) decision to invest $3.6 billion in its Texas plant. He said the plant could be the largest car-making facility in the world, adding that Toyota is doing this to avoid tariffs.

Toyota announced earlier this week that it will shift most of the production of its Tacoma pickup truck from Mexico to the U.S., with the transition expected to take up to four years.

The company said the investment will add a new assembly line at Toyota Texas, expanding a campus that already includes a vehicle assembly line and a rear axle plant nearing production.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, fell 0.42%; the Invesco QQQ Trust ETF (QQQ) edged lower by 0.11%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 1.13%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bullish’ territory.

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