New steel, aluminum tariffs stoke global uncertainty

The US administration doubled the tariffs on steel and aluminum imports to 50 percent on Wednesday.

The move comes as the US steel manufacturing industry has faced a steep decline in recent years. The bulk of US steel and aluminum imports came from Canada.

The United States, one of the world's largest importers of steel, got 26.2 million metric tons from 79 countries and territories in 2024, according to the US International Trade Administration.