Donald Trump doubles steel and aluminium tariffs – what does it mean for markets?

Donald Trump’s steel and aluminium tariffs will be doubled to 50% from Wednesday. Will the UK be impacted following its trade deal agreement, and what does it mean for markets?

US president Donald Trump
(Image credit: Photo by SAUL LOEB/AFP via Getty Images)

Steel and aluminium imports coming into the US will face additional tariffs from this Wednesday (4 June), after Donald Trump announced the levy would be doubled from 25% to 50%. It looks like the UK will be impacted by the policy, despite recently agreeing a trade deal with the US to reduce existing metal tariffs to zero.

The US-UK trade deal was announced on 8 May, but the original 25% metal tariff has been kept in place while full details are worked out. Trade secretary Jonathan Reynolds is expected to meet with his US counterpart Jamieson Greer this week to determine a timeline for lifting the tariffs on the UK.

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.