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Trump promises to hike steel, aluminium tariffs to 50%
Indian Chronicle
|June 11, 2025
U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminium to a punishing 50% on Wednesday (June 4, 2025), a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers.
Foreign-made steel and aluminium are used in household products like soup cans and paper clips as well as big-ticket items like stainless-steel refrigerators and cars. Economists warn that the latest tariffs will significantly squeeze the wallets of both companies and shoppers alike.
What's the tariff rate on imported steel and aluminium now?
Steel and aluminium imports are currently taxed at 25% — a rate that both metals have faced across the board since March 12, when Trump's order to remove steel exemptions and raise aluminium’s levy from his previously-imposed 2018 import taxes went into effect. That's about to double. In a proclamation issued Tuesday, Mr. Trump confirmed that the U.S. will begin taxing nearly all steel and aluminium imports at 50% after the clock strikes midnight Wednesday. Steel and aluminium from the UK, meanwhile, will continue to be levied at 25% due to a recent trade deal.
Why is Trump raising these tariffs?
This story is from the June 11, 2025 edition of Indian Chronicle.
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