US Doubles Steel and Aluminum Tariffs Amidst Global Trade Tensions
The U.S. doubled tariffs on steel and aluminum imports, intensifying a global trade war initiated by President Trump. While Britain remains exempt due to a preliminary trade agreement, other partners including Canada and Mexico face increased levies. Negotiations are ongoing as trading partners seek to avoid further tariffs.
The United States has heightened its global trade dispute by increasing tariffs on imported steel and aluminum to 50%, from the previous 25%, under an executive proclamation signed by President Donald Trump. The change, effective as of Wednesday, is part of an intensified effort to leverage negotiations with key trading partners.
Notably, Britain remains the only exception due to a preliminary trade agreement with the U.S., preserving its previous tariff rates. However, major exporters like Canada and Mexico are significantly impacted, with both countries engaging in urgent negotiations to mitigate these heightened trade barriers.
As trading partners rush to present optimal trade proposals, the pressure mounts with the July deadline for the next phase of tariff implementations. While talks continue, the economic repercussions of these elevated tariffs are beginning to ripple through international and domestic markets with particular volatility noted in the aluminum sector.
(With inputs from agencies.)
- READ MORE ON:
- US tariffs
- steel
- aluminum
- Trump
- trade war
- import tax
- Canada
- Mexico
- Britain
- economy
ALSO READ
US growth likely to slow to 1.6% this year, hobbled by Trump's trade wars, OECD says
India not invited at G7 meet in Canada "yet another big diplomatic bungle": Cong
Canada's Wildfires: Smoke Crisis Crosses Continents
Trade War Rumbles: Markets Surge Amid Tariff Turmoil
Steel Tariff Tensions: Canada's Economic Challenge
Google News