U.S. Doubles Steel and Aluminum Tariffs to 50%, Exempting U.K.
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Update time : 2025-06-05 16:04:19
Higher metals tariffs took effect at 12:01 a.m. Wednesday, doubling U.S. duties on imported steel and aluminum to 50%, as President Trump ratchets up his global trade offensive. The move, announced via an executive proclamation, applies to all trading partners except the U.K., which remains at the previous 25% rate due to a preliminary trade accord. With approximately one quarter of U.S. steel coming from abroad, Canada and Mexico brace for outsized impacts, as they rank first and third in steel export volumes to the United States. Treasury Secretary Kevin Hassett explained the decision at a Washington steel industry forum, citing the need for additional protection for domestic producers. Under the expanded levies, countries must also deliver their “best offers” by today to avert broader “Liberation Day” tariffs scheduled for early July. In mid-May, the White House paused certain proposed tariffs in exchange for concessions, but only the U.K. has thus far sealed a deal to avoid the metals surcharge. Market Overview:
Steel and aluminum tariffs hike to 50% from 25%, sharply increasing import costs.
U.K. remains exempt at 25% due to preliminary trade framework; Canada and Mexico face the greatest exposure.
White House deadline for “best offers” arrives amid talks on broader tariff avoidance deals.
