Thursday, June 5, 2025

Creating liberating content

PUNE: IMD indicated on Thursday a potential revival of southwest

Idrees Abbas | Lightrocket | Getty Images It’s been a

ISLAMABAD: Pakistan PM Shehbaz Sharif has urged the US to

India and Italy on Thursday said a meeting will shortly

Related News

PUNE: IMD indicated on Thursday a potential revival of southwest monsoon between June 12 and 18, following a stall since May 29. An IMD official said a system may form

Idrees Abbas | Lightrocket | Getty Images It’s been a bad week for DOGE. And a really bad week for dogecoin. The meme coin, which gained popularity in part because

ISLAMABAD: Pakistan PM Shehbaz Sharif has urged the US to broker a “comprehensive dialogue” between India and Pakistan. Addressing an event at the US embassy in Islamabad on Wednesday, Sharif

India and Italy on Thursday said a meeting will shortly be held in Mumbai to push forward India-Middle East-Mumbai Economic Corridor, which has been affected by the tension in West

CHENNAI: Just three years after he was appointed MD of TVS Motor, 36-year-old Sudarshan Venu is all set to take over as chairman of the company. TVS Motor has announced

MUMBAI: Two promoter entities of financial services major Bajaj Finserv are set to sell nearly 2% of the company through block deals on Friday, aiming to raise about Rs 5,800

Trending News

CHENNAI: Just three years after he was appointed MD of TVS Motor, 36-year-old Sudarshan Venu is all set to take over as chairman of the company. TVS Motor has announced

BRESCIA: Commerce and industry minister Piyush Goyal on Thursday suggested an exclusive Italian enclave, complete with schools and hospitals, in one of the industrial towns as he sought to woo

BENGALURU: India’s quick commerce market is set to triple in size by 2027, reaching Rs 1.5-1.7 lakh crore. However, the segment’s rapid growth is exposing structural cracks in pricing, workforce

MUMBAI: The price of silver in India reached a new all-time high of Rs 1.05 lakh per kg on the MCX on Thursday, as prices in the international market hit

Commerce and industry minister Piyush Goyal urged the global community to diversify supply chains for critical minerals, warning that heavy reliance on a handful of countries poses a serious risk

Tesla shares plunged over 8% on Thursday as tensions between US President Donald Trump and Tesla CEO Elon Musk escalated, leaving investors concerned about the future of Musk’s vast business

Trump’s 50% tariff on steel and aluminium comes into effect; Here’s what we know

Word Count: 715 | Estimated Reading Time: 4 minutes


Trump’s 50% tariff on steel and aluminium comes into effect; Here's what we know

United States has raised tariffs on imported steel and aluminium to 50% beginning Wednesday, according to a White House order signed by president Donald Trump. The decision, framed as a measure to protect domestic industries from foreign “dumping,” doubles the previous 25% levy imposed on these metals.According to the order, “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 aluminum articles and their derivative articles.” President Trump revealed the decision during a visit to a US steel plant in Pennsylvania last week. “At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence,” he told workers. “Nobody is going to be able to steal your industry,” he added, vowing stronger protection for American manufacturing.

What Trump’s 50% Tariffs Mean for the Steel Industry

What we know so farSteel and aluminium imports are currently taxed at 25% — a rate in place since 12 March, when president Trump’s order took effect, removing earlier exemptions on steel and raising aluminium tariffs from the levels set in his original 2018 trade measures.While some analysts say Trump’s first-term tariffs helped boost domestic steel and aluminium production, others caution that sharp new hikes could disrupt the industry’s ability to adapt.Many businesses that depend on imported steel and aluminium are already feeling the effects of Trump’s earlier tariffs. The new hikes are expected to push costs even higher. These metals are essential in products like washing machines, consumer electronics, and cars — industries that often rely on global supply chains, especially the automotive sector.Tariffs on UK imports will remain at 25%, as both countries continue trade talks under an earlier agreement, the hike targets other partners. The European Union has already warned of potential retaliation, saying the move undermines ongoing negotiations.Mexico, a major trading partner, plans to seek an exemption. Its economy minister Marcelo Ebrard argued the new tariffs are unfair, especially since the US exports more steel to Mexico than it imports. “It makes no sense,” he said.The latest tariff increase adds pressure to trade talks underway since April, when Trump reimposed 10% tariffs across multiple sectors. With the temporary pause on those hikes expiring in early July, diplomats now face a tightening window to reach workable solutions.





Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account