Trump doubles tariffs on steel and aluminium to 50 percent.

U.S. President Donald Trump has signed an order doubling tariffs on steel and aluminium imports from 25 percent to 50 percent. The move hikes import taxes on these metals, which are used in everything from cars to canned food, for the second time since March. Trump has stated that the measures, which took effect on Wednesday, are aimed at securing the future of the American steel industry.

However, critics argue that these protections could disrupt steel producers outside the U.S, provoke retaliation from trade partners, and impose a heavy cost on American users of the metals. The U.S. is the largest importer of steel globally, following the European Union, sourcing most of the metal from Canada, Brazil, Mexico, and South Korea.

During his first term, Trump imposed tariffs of 25 percent on steel and 10 percent on aluminium, citing a law that grants him authority to protect industries deemed vital to national security. Yet, many imports ultimately evaded these duties after the U.S. negotiated trade deals with allies and granted exemptions to specific imports upon request from firms.

Source: Economymiddleeast