Trump approves doubling of tariffs on steel and aluminum imports
Executive order cites national security concerns
US President Donald Trump signed an executive order Tuesday raising tariffs on steel and aluminum imports from 25% to 50%, Newsweek reported.
The order cites national security concerns, saying the current volume and conditions of steel and aluminum imports threaten the country's security.
It notes that while the initial 25% tariff had some positive effects, it was not enough to maintain the industry’s production capacity at a sustainable level.
As a result, tariffs on steel, aluminum and related products will be doubled to 50% effective 12.01 am local time (0400GMT) on June 4.
The executive order also notes that under a trade agreement signed with the UK last month, that country will be exempt from the increase and its exports will remain subject to the 25% tariff. However, the exemption is scheduled for review after July 9.
