US President Trump has increased import tariffs on foreign steel and aluminum from 25% to 50%. The new tariffs take effect today. The president signed an executive order on Tuesday evening after previously announcing the increase.
Only the United Kingdom will not face additional tariffs, with the import rate on British steel and aluminum remaining at the previously set 25%. According to Trump, this decision reflects ongoing trade negotiations with the US.
Earlier this year, Trump decided to raise import tariffs on steel and aluminum to 25%. The president claims the new increases will further protect the US steel industry.
The measure aims to more effectively prevent countries from dumping low-priced, excess steel and aluminum in the US, undermining the competitiveness of American industry.
The US is a key market for the Dutch steel sector. Last year, the Netherlands exported €3.3 billion worth of steel and aluminum products to the US.
