President Donald Trump has announced a significant increase in tariffs on steel and aluminum imports, doubling the existing rates from 25% to 50% to combat the impact of foreign countries offloading excess materials on the US market. The move, described by the White House as a strategy to address national security threats, excludes the UK, which remains at a 25% tariff due to a bilateral trade agreement. This decision is expected to have economic implications, particularly for Canada, Mexico, and the EU, as they prepare for possible retaliatory responses. Steel prices have notably increased under this policy.
US President Donald Trump announced that tariffs on most steel and aluminum imports will increase from 25% to 50%, escalating ongoing trade battles.
The increase in tariffs is intended to counter foreign countries dumping low-priced steel and aluminum in the US and enhance national security.
Steel prices have risen 16% since Trump took office, with position changes likely leading to economic repercussions for key US trading partners such as Canada and the EU.
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