Overview

• President Donald Trump announced that steel and aluminum import tariffs will double from 25% to 50% starting Wednesday.
• A recent US-UK trade deal secures Britain’s exemption and sets quotas at most-favoured-nation rates for its steel and aluminum exports.
• Analysts warn the rate hike could raise costs for American consumers, affecting products from cars to canned soft drinks.
• The US relied on imports for a quarter of its steel in 2024, sourcing 6.6 million tonnes from Canada and 3.5 million tonnes from Mexico.
• Trump also unveiled a $14 billion Nippon Steel investment in U.S. Steel, a move United Steelworkers president David McCall says raises national security and labor concerns.