Trump's 50% tariff on steel and aluminium begins as global trade tensions escalate
AP photo
United States has raised tariffs on imported steel and aluminium to 50% beginning Wednesday, according to a White House order signed by president Donald Trump. The decision, framed as a measure to protect domestic industries from foreign 'dumping,' doubles the previous 25% levy imposed on these metals.
According to the order, "Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles."
President Trump revealed the decision during a visit to a US steel plant in Pennsylvania last week. 'At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence,' he told workers.
'Nobody is going to be able to steal your industry,' he added, vowing stronger protection for American manufacturing.
What Trump's 50% Tariffs Mean for the Steel Industry
While tariffs on UK imports will remain at 25%, as both countries continue trade talks under an earlier agreement, the hike targets other partners. The European Union has already warned of potential retaliation, saying the move undermines ongoing negotiations.
Mexico, a major trading partner, plans to seek an exemption.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất
IC Markets
Đăng ký
Undo
Its economy minister Marcelo Ebrard argued the new tariffs are unfair, especially since the US exports more steel to Mexico than it imports. 'It makes no sense,' he said.
The latest tariff increase adds pressure to trade talks underway since April, when Trump reimposed 10% tariffs across multiple sectors. With the temporary pause on those hikes expiring in early July, diplomats now face a tightening window to reach workable solutions.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
7 minutes ago
- Time of India
Stablecoin firm Circle scales record high after blockbuster NYSE listing
Stablecoin issuer Circle Internet 's shares climbed 41% to hit a record high on Friday, extending a stellar run after a blowout market debut on the New York Stock Exchange a day earlier. The New York-based company's stock touched as much as $117.45, more than triple its offer price of $31 and valuing the company at $30.5 billion on a fully diluted basis. The blockbuster listing also reinforced expectations that the IPO market was regaining its momentum after being stifled by tariff-driven volatility. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What to Know Before Buying Health Insurance in 2025 Search7 Learn More Undo "This is big enough that it extends beyond crypto ," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Wall Street executives also struck an optimistic tone on Thursday at an industry conference, emphasizing that markets were ready for the right companies. Live Events NYSE President Lynn Martin said Circle's IPO was a bellwether for the IPO market this year and not just for crypto listings. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Investors are also realizing that the uncertain environment is going to be relatively persistent and focusing on putting their dollars at work, Nasdaq CEO Adena Friedman said. "This is the latest sign of building momentum in the IPO market. We'll likely continue to see moderate activity over the next month, but there is still some tariff uncertainty on the horizon, which is why we're expecting more of a full IPO rebound in the fall," Kennedy said. Digital banking startup Chime is poised to go public in New York next week. Sixth Street-backed cancer diagnostic firm Caris Life Sciences, private equity-backed debt buyer Jefferson Capital and Florida-based Slide Insurance have also joined the IPO pipeline in recent weeks.
News18
16 minutes ago
- News18
Russia Mocks Trump-Musk Spat, Offers To Broker ‘Peace Talks' And Give Tesla A Home
Last Updated: The feud between Donald Trump and Elon Musk provoked chatter, mockery and amusement among the ruling class in Moscow, where one senior official joked about hosting peace talks. The public fallout between US President Donald Trump and his one-time ally and Tesla CEO Elon Musk has provoked chatter, mockery and intrigue in Moscow where the senior officials and media persons are treating the feud as both comedy and opportunity. Seniors leaders in Moscow are also joking about hosting peace talks between the two individuals and urging the tech giant in a tone mixing humour to bring his businesses to Russia. 'Elon, don't be upset! If you encounter insurmountable problems in the US, come to us. Here you will find reliable comrades and complete freedom of technical creativity," nationalist senator Dmitry Rogozin, who once ran Russia's space programme, posted on X. Elon @elonmusk, don't be upset! You are respected in Russia. If you encounter insurmountable problems in the US, come to us and become one of us – a 'Bars-Sarmat" fighter. Here you will find reliable comrades and complete freedom of technical creativity.— ROGOZIN (@Rogozin) June 6, 2025 Former Russian President and senior security official Dmitry Medvedev took the trolling a step further, offering to mediate between the feuding duo. 'We are ready to facilitate the conclusion of a peace deal between D and E for a reasonable fee," he posted on X, before jokingly requesting Starlink shares as payment. Reuters, the fallout has been widely ridiculed as an example of chaos in Washington. Margarita Simonyan, one of Russia's most powerful state media executives, mocked it as an example of 'modern US political culture" — "Sort of like the English Industrial Revolution. Only in reverse." Современная американская политическая культура войдет в историю как переломная, конечно.Вроде английской промышленной революции. Только наоборот. Но наблюдать занятно. — Margarita Simonyan (@M_Simonyan) June 5, 2025 Kirill Dmitriev, head of Russia's sovereign wealth fund, who has in the past tried to interest Musk in cooperating with Russia on flights to Mars, asked on X, "Why can't we all just get along?" He then asked Grok, X's AI chatbot, how Musk and Trump could reconcile. However, Kremlin spokesman Dmitry Peskov, when asked about the clash, said it was an internal matter for the US, though he was confident that Trump would handle it. 'Presidents handle a huge number of different things at the same time, some more and some less important," Peskov said. What Happened Between Trump And Musk? The high-profile alliance between Trump and Musk has dramatically unraveled into a bitter public feud with the two exchanging sharp accusations. The fallout began when Trump publicly criticised Musk at a White House press briefing, backing legislation that could severely impact the electric vehicle industry- a direct hit on Tesla. Musk, in response, fired back on his platform X, claiming that without his financial and strategic backing, Donald Trump would have lost the 2024 election. Calling the US President 'ungrateful", Elon Musk said, 'Without me, Trump would have lost. The Democrats would control the House." Musk then dropped a bombshell claim that Trump's name appears in sealed files related to Jeffrey Epstein, suggesting that's why the documents remain hidden. He wrote, 'Time to drop the really big bomb: Donald Trump is in the Epstein files." He then went on to endorse a post calling for Trump's impeachment and suggested that Vice President JD Vance replace him. White House Press Secretary Karoline Leavitt said that Musk's Epstein tweet 'is an unfortunate episode from Elon, who is unhappy with the 'One Big Beautiful Bill' because it does not include the policies he wanted." Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! tags : donald trump elon musk moscow Russia Location : Moscow, Russia First Published: June 06, 2025, 21:33 IST News world Russia Mocks Trump-Musk Spat, Offers To Broker 'Peace Talks' And Give Tesla A Home
Time of India
20 minutes ago
- Time of India
Canada's jobless rate hits 7% — worst since 2016, and Mark Carney may be feeling the political heat already
Canada's labour market was hit once again in May as the unemployment rate climbed to 7%, its highest since 2016, excluding pandemic years, as per a Statistics Canada report . It's the third consecutive month of increasing unemployment and shows that 1.6 million Canadians were jobless in May, rising 13.8% from a year ago, as per the report. Canada's Employment Stalls Again The economy added just 8,800 more jobs in May, and the employment rate held steady at 60.8%, as per Statistics Canada. Statistics Canada mentioned, "Overall, there has been virtually no employment growth since January, following strong gains from October 2024 to January 2025." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo Fewer Job Seekers Finding Work As per the report, only 22.6% of the unemployed people in April got employed in May, while it was 24% a year ago. Statistics Canada said, "This indicates that people are facing greater difficulties finding work in the current labour market." The report also revealed that almost half, 46.5%, of people unemployed in May had been jobless since last year or had never worked. This has increased from 40.7% in May 2024, as per the report. Core-Aged Women Gain, Men Lose Jobs The data also showed that employment among women of the age group of 25 years to 54 years increased by 42,000, but among the men of the same age group, it dropped by 31,000, reported Statistics Canada. Employment was little changed for youth and people aged 55 years and older. Live Events Mixed Results by Industry Statistics Canada pointed out that employment dropped in public administration by 2.5% and accommodation and food services by 1.4%. Transportation and warehousing fell by 1.4% and business, building and other support services by 2.1%, as per Statistics Canada. While the report also found that employment increased in wholesale and retail trade by 1.5%, per Statistics Canada. Information, culture and recreation rose by 2.3%, finance, insurance, real estate, rental and leasing by 0.8% and utilities by 3.1%, as per Statistics Canada. FAQs How many people are unemployed now? 1.6 million Canadians were unemployed in May, according to Statistics Canada. Who's being affected the most? Core-aged men (25 to 54) lost 31,000 jobs in May, while long-term unemployment is also increasing.
