U.S. Doubled Its Steel And Aluminum Tariffs

The tariff hike on foreign metals went into effect just after midnight and apply to nearly all imports of the metals.

The U.S. doubled its steel and aluminum tariffs Wednesday intensifying trade war weighs on the world economy.

The tariffs on those products now sit at 50%. The move aims to protect U.S. industries that economists say could increase prices for American consumers.

The tariff hike on foreign metals went into effect just after midnight and apply to nearly all imports of the metals.

The United Kingdom is exempt from the tariff hike, and will continue to face the initial 25% tariff rate thanks to a trade deal announced last month.

President Trump said the increase would ensure “such imports will not threaten to impair the national security.”