Trump doubles tariffs on steel and aluminum imports to 50%
President Donald Trump signed an executive order to raise tariffs on aluminum and steel imports to 50% starting June 4. His decision came days after promising domestic steel manufacturers that he would protect their industry and increase tariff rates.
In a proclamation, the White House detailed that the previous 25% tariffs did not help the local industries grow and sustain production levels necessary to meet national defense goals.
It further stated that increasing tariffs would bolster domestic industries and lessen national security risks posed by steel and aluminum imports.
Companies hoped the 50% tariffs on steel would be temporary
Trump’s raised steel tariffs will leave out the UK. According to the signed order, UK steel exports to the US will only be subjected to the previous 25% levy before the two countries discuss new rates by July 9.
The US is still in active negotiations with multiple countries over its earlier “reciprocal tariffs.” However, the president’s decision to add steel and aluminum import rates may cultivate more trade tensions.
Some analysts even stated that the new rates could harm foreign steel manufacturers and potentially trigger retaliation, which would only burden American consumers more. #MyCOSTrade #CircleIPO #BinanceAlphaAlert #EDGENLiveOnAlpha #PCEMarketWatch
