Wed, 04 Jun 2025

Wed, 04 Jun 2025 US steel and aluminium tariffs doubled to 50%

Trump doubles down on his tariffs, while sparing the UK from the latest duties.

* US President Donald Trump has signed an order doubling tariffs on steel and aluminium imports from 25% to 50%.
* The move aims to secure the future of the American steel industry, but critics say it could harm foreign producers and lead to retaliation.
* Many firms affected by the decision expressed surprise and concern about the plan, which they had hoped was temporary or a negotiating ploy.
* The UK has been granted a carve-out from the measures, with duties on its steel and aluminium remaining at 25%.
* Trump's previous tariffs in March prompted Canada and the EU to prepare counter-measures, but both sides are engaged in talks to reach an agreement.
* The US economy may face damage as prices rise due to the new measures, which could lead to job losses in manufacturing and construction sectors.
* Economists estimate that Trump's first-term tariffs created 1,000 jobs in steel industry, but cost the economy 75,000 jobs in other sectors.
* Small businesses reliant on imported steel say they will be severely affected by the tariff hike, with one company facing a potential tariff bill of almost $145,000.
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