Trump's Trade Move: Doubling Down on Tariffs

The Trump administration took decisive action on Friday, as President Donald Trump declared a plan to double tariffs on steel and aluminium imports to 50%, intensifying an already fraught trade war with global producers.

This move will majorly impact U.S. trade partners who supply the bulk of these metals. Currently, approximately 25% of all steel used in the U.S. is imported, primarily from neighbors like Mexico and Canada, as well as allies across Asia and Europe. China's contribution to U.S. steel imports remains minimal due to tariffs already in place.

The aluminium sector will feel the pinch with about 50% of its imports, mainly from Canada. With Canadian imports reaching 3.2 million tons last year, this dwarfs figures from other countries like the UAE and China. Meanwhile, the U.S. aluminum smelting industry continues to play a minor role globally.

(With inputs from agencies.)