Trump's Trade Tactic: Doubling Tariffs to Spur New Deals
The U.S. has doubled tariffs on steel and aluminum imports to 50%, excluding the UK, intensifying a trade war. The move aims to prompt trading partners to offer deals and avoid the increase in tariffs on other goods. Canada and Mexico face significant impacts from these tariffs.
In a bold move to escalate the global trade conflict, the U.S. administration has hiked tariffs on imported steel and aluminum to 50%, a significant increase from the previous 25%. This measure, effective Wednesday, was announced by President Donald Trump aiming to push trading partners towards more favorable trade agreements.
The tariff increase exempts the United Kingdom, the only nation so far to reach a preliminary trade deal with the U.S. during a temporary pause on wider tariff implementations. Canada and Mexico, major suppliers of steel to the U.S., are expected to be hit the hardest by the new levies.
Meanwhile, the market felt the ripple effects, with aluminum price premiums soaring amid uncertainties over domestic production capabilities. As Trump presses for trading partners' best offers as part of the 'Liberation Day' tariffs' strategy, the U.S. remains in discussions to secure comprehensive deals ahead of a broader tariff rollout in July.
(With inputs from agencies.)
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