🔥 Key Developments

1. Steel & Aluminum Tariffs Doubled (50%)

  • On June 4, 2025, Trump increased Section 232 tariffs from 25% to 50% on steel and aluminum imports, citing national security reasons

  • Exemptions: The UK remains at 25% under a temporary trade deal until at least July 9 .

  • This move immediately raised domestic prices: e.g., U.S. rebar surged $60/ton to ~$810‑840 .

2. Global Economic Ripple Effects

  • Higher import costs weigh on downstream industries—construction, auto, appliances, packaging—with companies like Coca‑Cola and manufacturers raising prices

  • U.S. manufacturers face tighter margins, supply-chain delays, and project slowdowns—some even freezing hiring .

  • Mexico is negotiating a quota or tariff reduction deal on steel

3. Broader “Liberation Day” Tariff Policy

  • .Since April 2 “Liberation Day”, the admin deployed extensive tariffs: 10% on most imports, 25% auto tariffs, and China-specific rates up to 145%, later paused to 30% for 90 days .


  • Although many were temporarily blocked by a federal court as exceeding executive authority, an appeal reinstated them .

4. Latest US–China Truce (But Tariffs Remain)

  • .A new trade truce was reached in London: U.S. will ease some export controls, China will issue rare-earth licenses, and mutual tariffs will be adjusted—30% U.S. on China, 10% China on U.S.—while **steel & aluminum tariffs stay at 50%** .

  • April's “Liberation Day” tariffs and the broader package are still in effect .

5. Inflation & Economic Impact

  • .May CPI rose 0.1% month-over-month (annualized +2.4%), suggesting tariffs haven’t fully fed through—but price pressures are emerging in appliances, toys, food, etc. .


  • U.S. economy remained resilient: 139,000 new jobs added, moderate inflation—but tariffs have delayed effects and could weigh on growth .

  • World Bank lowers U.S. growth forecast to 1.4% for 2025, warning of slower global expansion .

6. Legal & Legislative Pushback

  • Lawsuits filed challenging executive authority to impose tariffs under IEEPA; a court temporarily blocked the “Liberation Day” tariffs in late May—appeal courts reinstated them

  • Bipartisan Trade Review Act of 2025 proposed to require congressional oversight and approval of new tariffs .

✅ Summary

Tariffs under Trump’s second term have become more sweeping and aggressive:

  • Steel & aluminum duties stand at 50% since June.

  • Broad-based “Liberation Day” tariffs affect autos, China, and other imports.

  • A new US–China truce eases some trade tensions, but core tariffs remain.

  • Some U.S. industries are already feeling cost pressures; inflation may rise further.

  • Legal challenges and international pushback continue, but courts have kept most tariffs intact—at least for now.

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