Trump signs order to double steel and aluminium tariffs to 50 per cent
WASHINGTON: The United States doubled tariffs on imported steel and aluminum starting Wednesday, widening President Donald Trump's trade war in a move set to fan tensions with key economic partners.
The move, which Trump earlier said was aimed at protecting domestic steel and aluminum industries, takes his levies on both metals from 25 percent to 50 percent.
The United States doubled steel and aluminum tariffs Wednesday, casting a pall on a gathering of OECD ministers as President Donald Trump's intensifying trade war weighs on the world economy.
Trump's sweeping tariffs on allies and adversaries alike -- including levies on imported steel and autos -- have strained US ties with trading partners and sparked a flurry of negotiations to avoid the duties.
And pressure is mounting as the Organisation for Economic Cooperation and Development (OECD), a 38-nation grouping of mostly developed countries, cut its global growth forecast on the back of Trump's levies.
Trade, consumption and investment have been affected by the tariffs, OECD chief economist Alvaro Pereira earlier told AFP, warning that the US economy will see the biggest repercussions.
While some of Trump's most sweeping levies face legal challenges, they have been allowed to remain in place for now as an appeals process is ongoing.
Against this tense backdrop, the Paris-based grouping is holding a ministerial meeting on Tuesday and Wednesday.
US Trade Representative Jamieson Greer and EU trade commissioner Maros Sefcovic are set to hold talks on the sidelines of the gathering, with the bloc seeking to stave off higher levies from July 9 absent a compromise.
Similarly, UK Trade Secretary Jonathan Reynolds met Greer on Tuesday to try and avert fresh tariff hikes on steel and aluminum.
Despite the doubling of steel and aluminum tariffs Wednesday, imports from the UK will remain at 25 percent for now, while both sides work out duties and quotas in line with the terms of their trade pact.
In their talks, Reynolds and Greer discussed a "shared desire to implement" the pact, including agreements on sectoral tariffs, as soon as possible, a UK readout said.
But Trump's latest salvo raises temperatures with various partners.
The European Union has said it "strongly regrets" Trump's plan to raise metals tariffs, cautioning that it "undermines ongoing efforts to reach a negotiated solution" with the United States.
The bloc added that it was ready to retaliate.
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