U.S. President Donald Trump just dropped a trade policy bombshell: steel and aluminum tariffs are doubling to 50% starting June 4. Speaking at a Pennsylvania rally, he framed the move as a win for U.S. jobs—but global markets are bracing for ripple effects. Here’s the lowdown 🚨
Why Now?
Trump announced the hike while celebrating Nippon Steel’s $14.9B deal with U.S. Steel, calling it a victory for American workers. But critics warn higher tariffs could spike prices for everything from cars to cookware 🍳. The U.S. imported 26.2M tonnes of steel in 2024 alone!
China in the Crosshairs
Trump accused China of breaking a deal to ease trade restrictions on critical minerals—though details remain vague. This escalates tensions in a years-long trade war that’s reshaped global supply chains 🌐.
What’s at Stake?
🛑 Higher costs for manufacturers and consumers
🔄 Potential retaliation from trading partners
📈 Mixed reactions: Steel stocks rallied, but economists fear inflation
Fun fact: These tariffs were first imposed in 2018 under Trump’s 'America First' playbook. Now, they’re back with a vengeance—and the world is watching 👀.
