U.S. President Donald Trump has formally enacted a tariff hike on steel and aluminum by signing an executive order that doubles the existing rates. White House Press Secretary Karoline Leavitt confirmed the move during a press briefing on Tuesday.
Trump had initially revealed his plan to raise tariffs on the two key metals from 25% to 50% last Friday. In response, U.S. steel and aluminum prices surged on Monday, while shares of international steel producers declined. With the signing of the executive order, the tariff increase is now officially in effect.
