US steel and aluminium tariffs doubled to 50%
Summary
US President Donald Trump announced that tariffs on steel and aluminum imports will double from 25% to 50%. The increase aims to support the American steel industry but exempts the UK, keeping its tariffs at 25% due to ongoing trade discussions.Key Facts
- The tariffs on steel and aluminum imports to the US are increasing from 25% to 50%.
- The change applies from Wednesday and focuses on protecting the US steel industry.
- The UK is exempt from the new tariffs, maintaining a 25% rate.
- US is one of the largest importers of steel, mainly from countries like Canada, Brazil, Mexico, and South Korea.
- In March, carve-outs from tariffs were ended, leading to this increase.
- Trump stated the higher tariffs would push businesses to buy American-made products.
- Steel imports to the US fell 17% in April following earlier tariff increases.
- The European Union is in talks with the US to address these trade issues.
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