United States Steel Corp. workers have negotiated a tentative deal with their employer that will result in the largest wage increases in at least six years, according to Reuters.
The agreement, reached on Monday, includes a cumulative 14 percent wage increase over a four-year period, three people familiar with the deal told Reuters.
Details regarding the deal will be made available following the completion of the ratification process, a spokesperson for United States Steel Corp. told The Hill. The United Steelworkers union did not immediately respond to a request for comment.
Wages were stagnant in the last contract and increased by an average of 1.5 percent annually from 2012-2015.
President TrumpDonald TrumpMcCabe wins back full FBI pension after being fired under Trump Biden's Supreme Court reform study panel notes 'considerable' risks to court expansion Bennie Thompson not ruling out subpoenaing Trump MORE's trade policies have included tariffs on steel imports which, combined with a strong economy, have contributed to the rise in domestic steel prices.
The president announced in March that he would impose tariffs — 25 percent on steel and 10 percent on aluminum imports — on several countries, including China. Those tariffs helped spark a trade war with China that has since escalated.
Last month Trump imposed tariffs on $200 billion worth of Chinese goods. Beijing retaliated with $60 billion in tariffs on U.S. goods.
Trump has threatened another $257 billion in tariffs on Chinese goods, which would cover all U.S. imports from China.
While critics have said the president’s tariffs would harm American workers, the news of steel wage increases could help Trump defend his polices less than three weeks before the Nov. 6 midterm elections.