Trump Reinstates Tariffs on Steel and Aluminum, Doubling Duties to 50%

Executive Order on Tariffs

• ⚡ President Trump has signed an executive order to reinstate tariffs on steel and aluminum imports, with the hold set to expire on July 9th.
• 🎯 The administration expects countries to submit their best offers for trade deals by today, as the 90-day pause on reciprocal tariffs concludes.

Doubling of Duties

• 📈 Tariffs on steel and aluminum imports are being doubled to 50%.
• 💡 Trump stated that encouraging domestic production of these metals is a matter of national security.

Economic Warnings and Concerns

• ⚠️ A trade group, the Manufacturers Institute, warns that raising steel tariffs could increase prices at grocery stores.
• 📉 The Organization for Economic Cooperation and Development predicts a 1.2 percentage point slowdown in US GDP growth this year and a 4 percentage point hit globally for 2025.
• 🤝 Experts question the feasibility of securing numerous trade agreements before the deadlines, noting the complexity of trade deals beyond goods, including services and non-tariff barriers.

Upcoming Deadlines

• 🗓️ The US is awaiting final offers from trade partners affected by the tariff pause, with the EU being a major partner for the July 9th deadline.
• 🇨🇳 A similar 90-day pause on tariffs against China is set to end on August 12th.