President Trump Announces Increase of U.S. Steel and Aluminum Tariffs to 50%

U.S. President Donald Trump signed a declaration last Tuesday raising the tariffs on steel and aluminum from the previous 25% to 50%.

This measure is a significant hike in tariffs on steel and aluminum imports as the president had previously warned.

President Trump explained that this tariff increase aims to strengthen the nation's security, citing excessive dependence on imported steel and aluminum.

The tariff hike will take effect immediately starting Wednesday.

In his announcement, President Trump stated that the move is to prevent foreign countries from dumping products—selling them at prices far below their domestic prices—into the U.S. market and to boost the competitiveness of American steel producers.

Not only imports but also steel and aluminum derivative products are included in these tariffs.

However, the United Kingdom is exempted from this tariff increase and will maintain the existing 25% tariff.

President Trump explained that this is due to the trade agreement signed with the UK in early May.

Due to this tariff increase, the cost of raw materials for domestic companies in the U.S. is expected to rise significantly.

Importers bear the tariff burdens, which may increase the prices of imported goods and worsen cost pressures on domestic manufacturers.

While the Trump administration aims to reduce imports and promote domestic production through these tariffs, expanding steel and aluminum production infrastructure will take significant time, causing temporary cost pressures.