US President Donald Trump has announced that tariffs on steel and aluminum will increase to 50% for imports starting from June 4. This move comes as part of a trade war escalation, with the president threatening to impose higher taxes on key trading partners.
The tariffs apply to all imported steel and aluminum products, including raw materials, semi-finished goods, and finished products. The US Trade Representative’s office will begin enforcing the new rates on June 4, unless the president decides to revoke or modify them later.
The announcement has sparked concerns among international trade experts, who warn of potential consequences for global markets and economies. The move also reflects Trump’s ongoing criticism of US trading partners, including China, Canada, and the European Union.
The tariffs are part of a broader effort by the Trump administration to protect American industries and create jobs through protectionist policies. However, critics argue that such measures can lead to retaliatory actions from other countries, sparking a global trade war.
Source: https://www.ft.com/content/2c419be3-31dc-4735-9e27-40c0c5b739f6