Donald Trump has announced plans to double tariffs on steel imports from next week, intensifying his trade war and unsettling global markets.
Addressing a rally of steel workers in West Mifflin, Pennsylvania, on Friday, the US president revealed that tariffs would rise from 25% to 50%, claiming the measure "will even further secure the steel industry in the United States."
Mr Trump later confirmed on Truth Social that the new tariffs, which also apply to aluminium imports, would take effect from Wednesday. He declared that American "industries are coming back like never before."
"This will be yet another BIG jolt of great news for our wonderful steel and aluminum (sic) workers," he wrote, adding: "MAKE AMERICA GREAT AGAIN!"
In a separate statement, he said: "We don't want America's future to be built with shoddy steel from Shanghai - we want it built with the strength and the pride of Pittsburgh!"
However, a UK government source told Sky News that Britain will remain exempt from the new tariff rates, following the signing of a US-UK trade deal earlier this month. The source highlighted this agreement as evidence of why reaching an early arrangement with the Trump administration had been critical.
Under the deal, the US agreed to "promptly construct a quota at most favoured nation (MFN) rates" for British steel, aluminium and derivative products.
The escalation follows Mr Trump's claim earlier that China had "totally violated" an agreement designed to mutually roll back tariffs and trade restrictions on critical minerals.
"So much for being Mr Nice Guy," he wrote on his social media platform.
Initially, Mr Trump imposed a 25% tariff on all steel and aluminium imports in March as part of an effort to protect US manufacturing and jobs, making foreign imports less appealing to domestic industries.
These increased tariffs threaten to raise costs for American consumers, affecting products from cars to canned soft drinks.
Trump previously warned Canada it could face tariffs of up to 50% on steel imports, prompting Ontario's provincial government to threaten to increase electricity charges by 25% to American customers. Ontario supplies electricity to more than 1.5 million US homes and businesses in Minnesota, New York, and Michigan.
Canadian Prime Minister Mark Carney previously described the potential tariffs as an "attack" on Canadian workers, families, and businesses.
Currently, roughly a quarter of steel used in the US is imported, predominantly from countries including Canada, Mexico, Japan, South Korea, and Germany. In 2024, the US imported 6.6 million tonnes of steel from Canada and 3.5 million tonnes from Mexico.
The US also heavily relies on imported aluminium, receiving 3.2 million tonnes from Canada last year.
