Donald Trumps 50% steel and aluminium tariffs take effect | Business and Economy News [Video]

In a move that has reignited trade tensions with key allies, United States President Donald Trump has doubled tariffs on steel and aluminium imports.

The new rates, which came into effect early on Wednesday, raise duties from 25 percent to 50 percent. Trump says the measure is designed to bolster the struggling US metals sector.

“We started at 25 and then, after studying the data more, realised that it was a big help, but more help is needed. And so that is why the 50 [percent tariff] is starting tomorrow,” said White House economic adviser Kevin Hassett during a steel industry event in Washington on Tuesday.

The executive order applies to all trading partners except the United Kingdom, which has reached a provisional trade deal with Washington during a 90-day pause on broader tariffs.

British exports will continue to face a 25 percent rate until at least July 9.

The hike is expected to weigh heavily on Canada …