US President Donald Trump will increase tariffs on steel and aluminum imports starting Wednesday, the White House announced on Tuesday. The tariffs on both products will rise from 25% to 50%, intensifying the ongoing trade battles between the US and other countries.
The move aims to address the issue of cheap steel and aluminum products being imported into the US from foreign countries. The White House stated that this will help to protect the US steel industry and eliminate any security threats posed by imports.
The tariff increase will take effect at 12:01 a.m. (4:01 a.m. GMT) and does not apply to imports from the United Kingdom, which will continue to face a 25% tariff rate. Other key trading partners, such as Canada, Mexico, and the European Union, are preparing for potential economic consequences.
Source: https://www.dw.com/en/us-updates-trump-s-50-steel-tariffs-to-come-into-force/live-72781909?maca=en-rss-en-all-1573-rdf
