The U.S. has announced a doubling of tariffs on foreign steel and aluminum imports to 50%, aiming to strengthen domestic industries amidst criticism from trading partners. Trump signed an executive order that addresses the dominance of China in the global market and seeks to protect U.S. producers. Exemptions are made for Britain, with Canada and Mexico expected to feel significant impacts due to their high volume of exports to the U.S. Canadian and Mexican officials have expressed their concerns over the new tariffs, citing economic implications and ongoing negotiations for exemptions.
Higher tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market and thereby undercut the competitiveness of the United States steel and aluminum industries.
The increase applies to all trading partners except Britain, the only country so far that has struck a preliminary trade agreement with the US during a 90-day pause on a wider array of Trump tariffs.
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