On June 4, Donald Trump’s decision to double tariffs on imported steel and aluminum from 25% to 50% took effect, intensifying his global trade war. Announced on May 30, Trump justified the move as a step to further protect U.S. steel and aluminum industries, claiming they are “coming back like never before.” The tariffs sparked immediate backlash from key U.S. trading partners. Canada’s Chamber of Commerce and United Steelworkers union condemned the decision, warning of harm to cross-border supply chains and Canadian workers. The European Commission criticized the move for increasing global economic uncertainty and hinted at retaliation. Australia also denounced the tariffs as unjustified. Meanwhile, U.S. steelmaker Cleveland-Cliffs Inc. saw a 26% stock surge, with investors betting on increased domestic profits. As the U.S. is the world’s largest steel importer (excluding the EU), the tariff hike is expected to raise steel prices broadly, impacting industries and consumers alike.
first published: Jun 4, 2025 02:16 pm
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