The United States doubled tariffs on imported steel and aluminum on Wednesday, intensifying pressure on global trading partners under President Donald Trump’s aggressive trade policy measures, Reuters reported.
The new 50% tax replaces the previous tariffs Trump had put into effect on March 12, when he maintained 25% tariffs on steel and increased aluminum tariffs to 25% across the board. During his first term in 2018, Trump imposed a 25% tariff on steel and a 10% tariff on aluminum imports on all importing countries except for Canada, Mexico, and the EU.
Trump issued an executive order late Tuesday to implement the tariff hike. It applies to all US trading partners except the United Kingdom, which recently reached a preliminary trade agreement with the US. UK metal exports to the US will remain subject to the existing 25% duty until at least July 9.
White House economic adviser Kevin Hassett defended the move, telling a Washington steel industry conference that the original tariffs were “a big help, but more help is needed.” He said the new 50% rate reflects an “updated analysis” of domestic industry support.
The US imports roughly a quarter of its steel needs, and the tariffs are expected to disproportionately impact Canada and Mexico, its first- and third-largest steel suppliers. Canada is particularly exposed to aluminum tariffs as it supplies the US with more of the metal than the next 10 countries combined. Half of the US aluminum demand is met by foreign sources.
Wednesday was also the deadline set by the White House for US trading partners to submit their “best offers” to avoid the US imposing further sweeping reciprocal tariffs scheduled to begin after a 90-day pause expires on July 8.
According to documents reviewed by Reuters, Washington had asked partners to provide proposals on tariff cuts, import quotas, and the removal of non-tariff barriers. In return, US officials promised to respond “within days,” indicating the potential final tariff rates.
There have been no final deals so far. Only the UK has finalized even a tentative framework of a deal with Washington. Negotiations with other partners, including the European Union, are ongoing.
On Wednesday, EU trade negotiator Maros Sefcovic met with US Trade Representative Jamieson Greer in Paris to discuss tariffs on EU goods.
The tariff escalation continues to rattle global markets with every announcement Trump makes. Aluminum price premiums have more than doubled this year, and US import volumes are unlikely to fall significantly unless higher costs erode demand.
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