In a bold declaration at a rally in Pennsylvania last Friday, U.S. President Donald Trump vowed to double tariffs on steel imports, stating, “We’re going to bring it from 25 per cent to 50 per cent… At 25 per cent, they can sort of get over that fence… At 50 per cent, they can no longer get over the fence.”
Staying true to his promise, Trump signed a proclamation on Tuesday officially increasing tariffs on steel and aluminium imports to 50%, a significant escalation in trade policy that could ripple across global markets. The decision, which took effect on June 4, notably excludes the United Kingdom and is being widely interpreted as part of Trump’s intensified “America First” agenda as the election season heats up.
This move is expected to have major implications for global exporters, including countries like India, potentially impacting bilateral trade dynamics and supply chains in the steel and aluminium sectors.
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