On Thursday, the Trump administration emphasized the impact of tariffs, announcing that the United States had outproduced Japan in steel for the first time in 26 years.
At a White House cabinet meeting, President Trump said that companies in the auto industry were returning from Mexico, Canada, Japan, Germany, and across Europe to avoid tariffs, adding that they were reluctant to pay 15% or, in some cases, even 25%.
He argued that this return would not have happened without tariffs, and said Scott had told him the day before that the United States was now producing more steel than Japan.
Trump then asked Commerce Secretary Howard Lutnick to elaborate, and Lutnick said that a report released the previous day showed that, for the first time in 26 years, the United States had surpassed Japan in steel production, attributing the achievement entirely to the president’s policies.
Recent World Steel Association data for 2025 crude steel production show the U.S. in third place with 82 million tons, up 3.1% year over year, trailing China (960.8 million tons) and India (164.9 million tons). Japan dropped to fourth with 80.7 million tons, down 4%. South Korea ranked sixth with 61.9 million tons, behind Russia’s 67.8 million tons.
Trump said countries like Japan had taken U.S. steel production and that just three to four years earlier, steel companies were shutting down, but argued that the administration had struck what he called a fantastic deal with U.S. Steel and revitalized the industry.
Trump said countries like Japan had taken U.S. steel production and that just three to four years earlier, steel companies were shutting down, but argued that the administration had struck what he called a fantastic deal with U.S. Steel and revitalized the industry.
He highlighted John Deere’s new factories in Indiana and North Carolina, saying the company’s CEO had said it was producing excavators in the United States for the first time in 50 years and shifting production from Japan to America.
Trump added that he had asked the CEO whether the company would have done this without tariffs, and that the CEO replied it would not.
Trump stressed the importance of winning the Supreme Court case on the legality of tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
He said they were hoping for a victory in the Supreme Court, adding that they were generating hundreds of billions and did not want to relinquish that.
Trump added that their opponents in the lawsuit supported China and foreign nations, called the case crucial for the country, and said he hoped for a favorable resolution.
Treasury Secretary Scott Bessent said the president’s use of IEEPA authority for tariffs had attracted trillions in investments, resulting in factory construction, job creation, and increased consumer spending.
Meanwhile, South Korean Trade Minister Kim Jeong Kwan plans to meet with Secretary Lutnick in Washington to clarify South Korea’s U.S. investment plans and related legislative processes.
On Monday, Trump announced on Truth Social that, because South Korea had failed to legislate a historic trade agreement, he would raise tariffs on automobiles, lumber, pharmaceuticals, and all other goods from 15% to 25%.
The next day, responding to a question about South Korean tariffs, Trump indicated he would seek a solution with South Korea, suggesting a possible delay in tariff increases while negotiations continued.
