President Trump has signed an executive order that will substantially increase tariffs on imported steel and aluminum. The increase is a flat 25%. The president said the tariffs will help struggling U.S. industries. This latest round of tariffs is an increase over the 10% tariffs on steel and aluminum Trump enacted during his first term and former President Biden kept intact. The new round of tariffs also eliminates country exceptions and quota deals. Plus, they cut thousands of product-specific tariff exclusions for both metals. The tariffs are scheduled to go into effect on March 12.
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