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US Hikes Steel and Aluminum Tariffs to 50%, Drawing International Pushback

Effective June 4 under a national security provision, the hikes have prompted the EU to ready countermeasures, leaving UK exemptions in limbo.

FILE - Police cars stand outside EU headquarters in Brussels, Sept. 30, 2022. (AP Photo/Virginia Mayo, file)
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Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, smiles at the camera as he attends confirmation hearing before the European Parliament's international trade and constitutional affairs committees, in Brussels, Belgium November 4, 2024. REUTERS/Johanna Geron/File Photo

Overview

  • President Trump announced the tariff increase from 25% to 50% at a Pennsylvania rally under Section 232 of the Trade Expansion Act, with new duties taking effect June 4.
  • The European Commission expressed strong regret over the decision and is preparing countermeasures while technical and political talks with U.S. counterparts are scheduled this week.
  • India’s government and the Global Trade Research Initiative recommend using ongoing Free Trade Agreement negotiations to seek tariff relief rather than imposing retaliatory duties.
  • The exemption deal negotiated by the UK for the previous 25% tariffs remains unsigned, exposing British steelmakers to the full 50% levy.
  • U.S. steel producers saw stock prices surge on expectations of domestic protection, while downstream manufacturers and consumers face higher input costs and prices.