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4d ago

U.S. doubles steel and aluminum tariffs to 50%, allies plan reprisals

The OECD has cut its global growth forecast to 2.9%, warning that tariff escalation will weigh on economies worldwide.

Ces droits de douane sectoriels, appliqués également à l’automobile, doivent s’étendre prochainement aux produits pharmaceutiques et aux semi-conducteurs.
AFP - Le président américain Donald Trump en visite dans une aciérie à West Mifflin, en Pennsylvanie, le 30 mai 2025
Des travailleurs installent des barres en acier sur un chantier de construction à Miami (Floride), le 11 mars 2025.
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Overview

  • President Trump’s decree took effect June 4 at 00:01 local time, raising duties on imported steel and aluminum from 25% to 50% under a national security rationale.
  • Canada labeled the measure illegal and unjustified, Mexico’s economy minister said he will seek an exemption, and the EU is readying counter-tariffs.
  • The OECD downgraded its U.S. growth projection to 1.6% from 2.4% and slashed its global expansion forecast to 2.9% for 2025 due to rising trade barriers.
  • U.S. Trade Representative Jamieson Greer is meeting EU Trade Commissioner Maros Sefcovic in Paris alongside G7 commercial representatives to seek a resolution.
  • The tariff hike forms part of a broader U.S. strategy that could extend similar duties to autos, pharmaceuticals and semiconductors to bolster domestic production.