US steel and aluminium tariffs doubled to 50%

Will it Hurt or Gain?

Source BBC News

US President Donald Trump has doubled taxes on steel and aluminium imports from 25% to 50%, starting Wednesday. He says this will help American steel jobs, but critics say it will hurt US businesses, make prices go up, and cost jobs in other industries.

The UK was allowed to keep its old 25% tax because of trade talks with the US.

Many US companies that buy foreign steel are worried. Some have stopped spending money, afraid that higher costs will make customers switch to cheaper options like plastic.

The EU and Canada may fight back with their own taxes on US goods.

UK steel sellers fear the new tax will stop orders, while experts say it could destroy more jobs than it saves. Small businesses already struggling say this will make things even harder.

The decision has caused a lot of stress for businesses and trading partners.