US doubles tariffs on steel and aluminium
A steep increase in US import tariffs on steel and aluminium has come into effect, after US President Donald doubled the rate.
The tariffs, which took effect at 2pm AEST on Wednesday, doubled from 25 per cent to 50 per cent of the goods' value as Trump seeks to correct alleged trade imbalances and strengthen domestic industry in the United States.
"We started at 25 and then after studying the data more, realised that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow," White House economic adviser Kevin Hassett said in explaining the move at a steel industry conference in Washington on Tuesday.
Steel and aluminium imports from the United Kingdom are exempt and will remain subject to the existing 25 per cent tariff, the White House said.
This is based on a trade agreement recently concluded between Washington and London.
The measure is likely to make it more difficult to import the products in question - and lead to higher prices.
In 2024, the US was the world's largest steel importer after the European Union.
According to the US government, the most important countries of origin are Canada, Brazil and Mexico. Germany is also among the 10 largest exporters to the US.
According to the German Steel Industry Association, the US is the most important sales market for the European steel industry.
The United States sources aluminium primarily from Canada, the United Arab Emirates, China and South Korea.
Trump has already announced, threatened or implemented numerous other tariffs with the stated aim of securing better trade agreements.
It is still unclear how the EU will respond to the latest measure.
The European Commission sharply criticised the US president's announcement at the weekend and said it was ready to take countermeasures.
However, according to the latest information, talks have continued and have been described as "very constructive."
If Trump sticks to his decision, the EU could impose counter-tariffs at short notice.
A steep increase in US import tariffs on steel and aluminium has come into effect, after US President Donald doubled the rate.
The tariffs, which took effect at 2pm AEST on Wednesday, doubled from 25 per cent to 50 per cent of the goods' value as Trump seeks to correct alleged trade imbalances and strengthen domestic industry in the United States.
"We started at 25 and then after studying the data more, realised that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow," White House economic adviser Kevin Hassett said in explaining the move at a steel industry conference in Washington on Tuesday.
Steel and aluminium imports from the United Kingdom are exempt and will remain subject to the existing 25 per cent tariff, the White House said.
This is based on a trade agreement recently concluded between Washington and London.
The measure is likely to make it more difficult to import the products in question - and lead to higher prices.
In 2024, the US was the world's largest steel importer after the European Union.
According to the US government, the most important countries of origin are Canada, Brazil and Mexico. Germany is also among the 10 largest exporters to the US.
According to the German Steel Industry Association, the US is the most important sales market for the European steel industry.
The United States sources aluminium primarily from Canada, the United Arab Emirates, China and South Korea.
Trump has already announced, threatened or implemented numerous other tariffs with the stated aim of securing better trade agreements.
It is still unclear how the EU will respond to the latest measure.
The European Commission sharply criticised the US president's announcement at the weekend and said it was ready to take countermeasures.
However, according to the latest information, talks have continued and have been described as "very constructive."
If Trump sticks to his decision, the EU could impose counter-tariffs at short notice.
A steep increase in US import tariffs on steel and aluminium has come into effect, after US President Donald doubled the rate.
The tariffs, which took effect at 2pm AEST on Wednesday, doubled from 25 per cent to 50 per cent of the goods' value as Trump seeks to correct alleged trade imbalances and strengthen domestic industry in the United States.
"We started at 25 and then after studying the data more, realised that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow," White House economic adviser Kevin Hassett said in explaining the move at a steel industry conference in Washington on Tuesday.
Steel and aluminium imports from the United Kingdom are exempt and will remain subject to the existing 25 per cent tariff, the White House said.
This is based on a trade agreement recently concluded between Washington and London.
The measure is likely to make it more difficult to import the products in question - and lead to higher prices.
In 2024, the US was the world's largest steel importer after the European Union.
According to the US government, the most important countries of origin are Canada, Brazil and Mexico. Germany is also among the 10 largest exporters to the US.
According to the German Steel Industry Association, the US is the most important sales market for the European steel industry.
The United States sources aluminium primarily from Canada, the United Arab Emirates, China and South Korea.
Trump has already announced, threatened or implemented numerous other tariffs with the stated aim of securing better trade agreements.
It is still unclear how the EU will respond to the latest measure.
The European Commission sharply criticised the US president's announcement at the weekend and said it was ready to take countermeasures.
However, according to the latest information, talks have continued and have been described as "very constructive."
If Trump sticks to his decision, the EU could impose counter-tariffs at short notice.
A steep increase in US import tariffs on steel and aluminium has come into effect, after US President Donald doubled the rate.
The tariffs, which took effect at 2pm AEST on Wednesday, doubled from 25 per cent to 50 per cent of the goods' value as Trump seeks to correct alleged trade imbalances and strengthen domestic industry in the United States.
"We started at 25 and then after studying the data more, realised that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow," White House economic adviser Kevin Hassett said in explaining the move at a steel industry conference in Washington on Tuesday.
Steel and aluminium imports from the United Kingdom are exempt and will remain subject to the existing 25 per cent tariff, the White House said.
This is based on a trade agreement recently concluded between Washington and London.
The measure is likely to make it more difficult to import the products in question - and lead to higher prices.
In 2024, the US was the world's largest steel importer after the European Union.
According to the US government, the most important countries of origin are Canada, Brazil and Mexico. Germany is also among the 10 largest exporters to the US.
According to the German Steel Industry Association, the US is the most important sales market for the European steel industry.
The United States sources aluminium primarily from Canada, the United Arab Emirates, China and South Korea.
Trump has already announced, threatened or implemented numerous other tariffs with the stated aim of securing better trade agreements.
It is still unclear how the EU will respond to the latest measure.
The European Commission sharply criticised the US president's announcement at the weekend and said it was ready to take countermeasures.
However, according to the latest information, talks have continued and have been described as "very constructive."
If Trump sticks to his decision, the EU could impose counter-tariffs at short notice.
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