Steel and aluminum imports into the US just got hit with a heavy blow, with President Trump doubling tariffs to 50% at 12:01am Wednesday and challenging America's trading partners to strike last-minute deals or face stiffer penalties in July. The heightened duties, which CNN reports were announced Friday, apply to all US trading partners except Britain, which recently reached a preliminary trade deal with Washington that allows its rates to hold at 25%, at least until July 9. What you need to know:
- The administration's view: White House economic adviser Kevin Hassett explained the decision like so at a steel industry conference Tuesday: "We started at 25 and then after studying the data more, realized that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow."
- Impact abroad: Reuters reports about 25% of the steel used domestically is imported, with Canada and Mexico being the No. 1 and 3 suppliers by volume, respectively. CNBC reports Brazil and South Korea round out the list of top suppliers. It'll be a double whammy for Canada, which is by far the leading aluminum exporter to the US.
- EU is displeased: CNBC describes the EU as "fuming" over the increase, which will also heavily impact Germany, Italy, Sweden, and the Netherlands. It characterized Trump's move as one that "undermines" the trade talks that are underway. An EU rep said, without elaboration, that the bloc was "prepared to impose countermeasures."
- Impact at home: CNN delves into the potential implications. One steelmaker told the network the tariffs will only push up the cost of a car by $300, a sum he didn't see as a deal-breaker for consumers. But the network looks at other potential impacts, such as to the manufacturers of canned goods, and to the jobs tied to manufacturers that use steel and aluminum.
- The other big Wednesday happening: Today is the day the White House has asked for its trade partners to share their thoughts on deals that could help them avert Trump's "Liberation Day" tariffs from kicking in come July.
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