Trump signs order imposing 50% tariffs for steel and aluminum, spares UK
In a bold escalation of his trade agenda, US President Donald Trump has signed an executive order doubling tariffs on imported steel and aluminium to 50 per cent, calling the move essential to protecting America's national security and industrial base.The new tariffs, which go into effect just after midnight on Wednesday, also cover derivative products made from steel and aluminum. Trump's proclamation marks a sharp turn in trade policy, aimed at what he described as "excessively low-priced" imports that he says threaten the viability of US producers.advertisement'In my judgment, the increased tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States,' Trump said.
The decision was made after Commerce Secretary Howard Lutnick provided updated information about the current state of the steel and aluminum sectors, which Trump said highlighted the urgency of stronger protective measures.'I doubled the rates after receiving new information about the sector from Commerce Secretary Howard Lutnick,' Trump explained.While most countries will now face the 50 per cent tariff, the United Kingdom will remain subject to the current 25% rate due to an existing framework trade deal. However, the proclamation warns that those rates could be adjusted as soon as July 9 if the British government is found to be non-compliant with the deal's terms.advertisement'The higher tariffs will ensure that imported steel and aluminum will not threaten to impair the national security,' Trump declared.Since Trump first introduced tariffs on steel in 2018, prices for steel products have climbed nearly 16 per cent, based on government data. Upon returning to office in January, Trump reinstated these trade measures, including new tariffs on aluminum. In March, a 25 per cent tariff on most imported steel and aluminium was implemented. He also considered a 50 per cent tariff on Canadian steel but eventually decided against it.Tune InMust Watch
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