Trump doubles tariffs on steel and aluminium from June 4th
President Donald Trump announced that from 4th June, tariffs on steel and aluminium will increase from 25 to 50 per cent. This decision aims to strengthen the American steel industry, explains Trump.
What do you need to know?
- When will the tariffs increase? The new tariff rates will take effect on 4th June, doubling the current tariffs on steel and aluminium from 25 to 50 per cent.
- Why the increase? President Trump emphasised that the additional charges are intended to protect and strengthen the American steel industry.
- Who are the main suppliers? The USA imports steel mainly from Canada, Brazil, and Mexico, and aluminium from Canada, the United Arab Emirates, China, and South Korea.
What will be the effects on the American industry?
- We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States - announced Trump during a meeting with workers of the metallurgical giant US Steel in Pennsylvania. The Republican emphasised that "tariffs" is his absolute favourite word.
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Later, he explained on his platform Truth Social that the new tariff rates will come into effect on 4th June and will also apply to aluminium.
Which countries will be most affected by Trump's decision?
As reported by the dpa agency, in 2024 the USA was the largest steel importer in the world. According to the US government, the most important countries of origin for imported steel products are Canada, Brazil, and Mexico. The United States is the most important market for the European steel industry, mainly German.
The USA imports aluminium primarily from Canada, the United Arab Emirates, China, and South Korea.
Will there be exceptions?
It is unknown whether there will be exceptions to the doubled tariffs - for example, for Canada and Mexico, with which the US forms the North American Free Trade Zone. However, there were no exceptions to the 25 per cent tariffs announced by President Trump in February.
