Trump Doubles Steel Tariffs, Deepening Trade War

President Trump's surprise announcement to double steel tariffs to 50% sent shockwaves through global markets. The move, announced at a Pennsylvania steelworkers rally, is expected to further escalate the ongoing trade war. "We're going to bring it from 25% to 50%", Trump declared, highlighting his commitment to protecting American industries. This decision comes amid rising steel prices, with a 16% increase since Trump took office. Economists warn that the tariff hike could lead to higher prices for consumers and further strain international relations. While the president frames the move as supporting American steelworkers, critics argue it will harm consumers and businesses reliant on imported steel. The situation remains tense, with the full economic and geopolitical consequences yet to unfold.