WASHINGTON - United States (US) President Donald Trump signed a proclamation on Tuesday to double tariffs on imports of steel and aluminium to 50% this week, saying the increased tariffs will more effectively counter foreign countries accused of offloading "low-priced, excess" metals into the US market, Yonhap News Agency reported.
The new tariff rate is set to take effect at 12.01 am on Wednesday, despite lingering concerns that new duties would lead to higher prices and slower economic growth. Trump has been using tariffs to reduce America's trade deficits and bolster domestic manufacturing.
"Although the previously imposed steel and aluminium tariffs have helped provide critical price support in the United States market, they have not yet enabled these industries to develop and maintain the rates of capacity production utilisation that are necessary for the industries' sustained health and for projected national defence needs," the proclamation read.
"I have determined that increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminium articles and their derivative articles."
Citing the May 8 trade deal with Britain, known as the Economic Prosperity Deal (EPD), Trump said that it is "necessary and appropriate" to provide "different treatment" to London.
The rate for Britain will remain at 25 percent, but Commerce Secretary Howard Lutnick may adjust the rate and construct import quotas for steel and aluminium consistent with the terms of the EPD, the proclamation read.
"Or (the secretary) may increase the applicable rates of duty to 50 percent if he determines that the United Kingdom has not complied with relevant aspects of the EPD," it said. - June 4, 2025
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