Overview

• President Trump announced at a Pennsylvania rally that steel and aluminium import duties will rise from 25 percent to 50 percent on June 4 to protect US industry and jobs.
• The European Commission said it “strongly regrets” the increase and is finalizing both existing and new counter-tariffs set to take effect by mid-July if talks fail.
• Canada’s Chamber of Commerce labeled the move antithetical to North American economic security and Australia’s Trade Minister called it unjustified.
• A federal appeals court stayed a lower-court ruling that had struck down Trump’s emergency-powers tariffs, allowing the levies to proceed during ongoing legal review.
• A US-UK trade deal to eliminate metal levies remains unsigned, leaving British exporters exposed to the higher 50 percent duties.