The United States doubled tariffs on steel and aluminium imports on Wednesday, activating a hike in the duties on the imported metals to 50% from the 25% rate introduced in March. The day also marks the Trump administration’s deadline for trading partners to submit their “best offers” to avoid further steep import duties set to take effect in early July.

President Donald Trump's tariff policy aims to reduce the U.S. trade deficit, deemed a threat to economic prosperity.

Even before Donald Trump’s “Liberation Day” tariffs on April 2nd, the median estimate among the 48 who were surveyed by the University of Chicago’s business school was that Mr Trump’s levies would raise inflation in 2025 by 0.

President Trump doubled almost all aluminum and steel import tariffs, seeking to curb China’s growing dominance in global trade. These six charts show the tariffs’ potential economic effects.

China has accused President Donald Trump of causing severe disruption to global supply chains after he doubled the United States' steel and aluminum tariffs to 50 percent. Trump hiked the Section 232 tariffs in a proclamation that took effect on June 4,

The tariff hike on foreign metals went into effect just after midnight on Wednesday, and they apply to nearly all imports of steel and aluminum.

The CBO analysis says Trump's tariffs over the next decade would reduce deficits by $2.8 trillion while also curbing economic growth by 0.6 percent.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of hou