US President Donald Trump signed a proclamation on 3 June 2025 doubling the Section 232 tariffs on steel and aluminium from 25 percent to 50 percent, effective at 12:01 a.m. on 4 June. The increase applied to nearly all trading partners, with Britain the only exception, remaining at 25 percent under its bilateral trade agreement. There was no exemption for goods already on the water. The White House said the higher rate was needed to protect domestic capacity, arguing that the 25 percent duties had not been enough to counter subsidised foreign production and global overcapacity. About a quarter of all steel used in the United States is imported, and the increase hit Canada, the largest supplier, and Mexico, the third-largest, particularly hard. US hot-rolled coil prices rose sharply in the weeks that followed. The doubling also raised the stakes for exporters everywhere: with the US market effectively closed to much foreign steel, producers in Europe and Asia faced even stronger pressure to find alternative outlets.
Source: Council on Foreign Relations — https://www.cfr.org/articles/trumps-new-aluminum-and-steel-tariffs-explained-six-charts
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