The U.S. has doubled tariffs on steel and aluminum imports from 25% to 50%, escalating trade tensions and complicating ongoing trade negotiations with the EU and the UK. U.S. President Donald Trump said the move aims to protect the US steel industry from cheaper foreign imports undermining domestic production.
Canada and Mexico, the largest steel exporters to the US, along with European countries including Germany, Italy, Sweden, and the Netherlands, face significant economic impacts from the new tariffs. The EU criticized the hike as damaging to ongoing trade negotiations and warned of potential countermeasures if no resolution is reached by July 14.
The UK is the only country exempt from the hike, due to a recent trade agreement that maintains its tariff at 25%. However, the deal carries a warning that the tariffs could still rise if the UK fails to meet the terms of the agreement. The UK steel industry welcomed the reprieve but remains concerned about uncertainty and lost orders.
