The tariffs are set to double from Wednesday, after an announcement by Trump on Friday.
US President Donald Trump has added to global economic uncertainty with a major hike in steel and aluminium import tariffs.
The tariffs are set to double from Wednesday, after an announcement by Trump on Friday.
“We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America,” he said during a visit to a Steel plant in Pennsylvania.
The EU, a major trade partner with the US, slammed the decision and warned of retaliation. It said the increase “undermines ongoing efforts to reach a negotiated solution” between the two markets.
Trump fiddling with tariffs
Trump increased trade tariffs shortly after taking office at the start of the year, drawing strong reactions from partners and global markets. The rates were later put on ice amid backlash and legal challenge.
Last week, a trade court found Trump had overstepped his authority in imposing the tariffs. However, this was appealed, and it was ruled that the tariffs could continue while the matter was being thrashed out in court.
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