Trump Announces Shock Tariff Hike: Steel and Aluminum Prices to Soar

Trump to Hike Steel and Aluminum Tariffs to 50%: The former president's announcement of a significant tariff increase on steel and aluminum has sent shockwaves through the global markets. The new tariffs, set to take effect on June 4th, will raise the existing 25% levy to a hefty 50%. In a short video clip released by RTVE Noticias, Trump is seen stating, "We're going to be imposing a 25% increase. We're going to bring it from 25% to 50% the tariffs on steel into the United States of America." This decision is expected to have far-reaching consequences for international trade and the steel industry. The move is likely to escalate tensions with China, a major exporter of steel and aluminum to the United States. The full impact of this decision remains to be seen, but it is certain to be a significant development in the ongoing trade war between the US and China. Analysts predict potential price increases for consumers and retaliatory measures from other countries.