US Steel and Aluminum Tariffs Rise to 50 Percent, Affecting Global Trade
As announced by US President Donald Trump, a significant increase in tariffs on steel and aluminum imports took effect on Wednesday, with the rates rising from 25 to 50 percent. The new tariffs apply to all trading partners, except for the United Kingdom, which has temporarily avoided the duties through a preliminary trade agreement with the US.
The increased tariffs are expected to have a significant impact on Canada and Mexico, as both countries are major steel suppliers to the US. Germany, a top ten steel exporter, will also be affected by the new tariffs.
In the context of the upcoming visit of German Chancellor Friedrich Merz to the White House on Thursday, the topic of trade negotiations is likely to be discussed. However, the EU, not individual countries, will be responsible for the trade talks.