Overview

• Effective June 4, US tariffs on steel and aluminum imports will rise from 25% to 50% as part of the administration’s protectionist campaign.
• Trump announced the tariff increase at a US Steel plant in Pennsylvania alongside a partnership with Nippon Steel that he says will preserve American control of the company.
• The European Commission criticized the move for undermining trade talks and signaled that previously shelved retaliatory duties could return before the July 14 deadline.
• Italy’s steel and aluminum industry groups warn that the levies could all but eliminate their shipments to the US, with high-end semi-finished aluminum products especially at risk.
• Analysts caution the higher levies may divert non-EU steel exports toward Europe, adding strain on EU markets and spurring new trade policy measures.