US doubles tariffs on steel and aluminium imports as trading partners face deadline for ‘best offers’ to avoid more levies.
In Short:
The U.S. has imposed a 50% tariff on steel and aluminium imports, affecting global trade and prompting European businesses and officials to seek action against these measures. While the UK is exempt from the new tariffs until July 9, increased costs are disrupting markets and prompting negotiations from countries like Canada and Mexico.
Washington has doubled tariffs on steel and aluminium imports to 50%, effective immediately. This change coincides with the deadline for trading partners to submit their “best offers” to avoid additional tariffs.
European businesses urged the European Commission to act against these tariffs.
Maros Sefcovic of the EU had a meeting with U.S. Trade Representative Jamieson Greer but provided no specifics on the discussions.
President Trump’s administration highlighted the need for increased tariffs after recognising the necessity for more significant support for the domestic steel industry.
The new tariffs apply to all partners except for the UK, which maintains a rate of 25% until at least July 9.
Aluminium market
Increased tariffs have significantly impacted the aluminium market, with prices spiking recently.
The deadline also prompts countries to propose terms that may prevent heavier tariffs from being enacted in the coming weeks.
Currently, uncertainty around U.S. trade policy is causing disruptions for global businesses, particularly in Europe.
Major companies have reported scaling back plans due to the uncertain tariff landscape.
The U.S. heavily relies on steel imports, particularly from Canada and Mexico, which will likely face the brunt of these increased tariffs.
