U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul.
Here's a summary of the major trade partners it will affect.
Steel
Roughly a quarter of all steel used in the United States is imported, primarily from Mexico, Canada, Japan, South Korea, and Germany. Although China is the world's largest steel producer, it exports very little to the U.S. due to 25% tariffs imposed in 2018. Last year, China exported 508,000 net tons, accounting for just 1.8% of total U.S. steel imports.
Aluminum
The U.S. is more heavily reliant on aluminum imports, with roughly half of its aluminum coming from abroad. Canada is the largest supplier, exporting 3.2 million tons last year—twice as much as the next nine countries combined. Other significant sources include the United Arab Emirates (347,034 metric tons) and China (222,872 metric tons).
The U.S. aluminum smelting industry is relatively small, accounting for just 1.73% of global capacity, according to the U.S. Geological Survey.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
The British steel industry is grappling with its most significant crisis in decades, as the government has been forced to intervene in an emergency bid to save the country's last operational blast furnaces at British Steel.
UK Business Secretary Jonathan Reynolds has suggested that the government may consider Chinese investment in British Steel, but he emphasized that any such bids would be subject to thorough scrutiny, particularly due to national security and economic concerns.
The UK government has taken control of British Steel’s Scunthorpe plant in a bid to save the country’s last major steelmaking site.
Hyundai Steel, in partnership with Hyundai Motor Group, announced a $5.8 billion investment to build a new steel plant in Louisiana, U.S., with an annual capacity of 2.7 million tonnes.
Afghanistan and China have taken steps to deepen financial and banking cooperation, as acting central bank governor Noor Ahmad Agha met with Chinese Ambassador Zhao Xing in Kabul to discuss expanding economic ties, investment opportunities, and bilateral collaboration.
A federal judge ruled that Homeland Security Secretary Kristi Noem likely exceeded her authority by revoking documents granted under the Temporary Protected Status program—offering relief to thousands of Venezuelans facing potential deportation.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Tajikistan’s external debt has seen a modest reduction, standing at $3.1 billion as of April 1, 2025 — a decline of $87 million, or 2.7%, from the start of the year, according to data released by the Ministry of Finance.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
The Food and Agriculture Organization of the United Nations (FAO) has warned that, without immediate and sustained support, thousands of rural households in Ukraine may be unable to plant or harvest on schedule—threatening both national food security and rural livelihoods.
Tesla’s new car registrations in Norway jumped by 213% year-on-year in May, reaching 2,600 vehicles, boosted by strong demand for the revamped Model Y SUV.
Switzerland’s economy outperformed expectations in Q1 2025, driven by a surge in exports to the United States and strong growth in the chemical and pharmaceutical sectors.
Russian stocks and the ruble fell as investors reacted cautiously to upcoming negotiations between Russia and Ukraine in Istanbul.
Afghanistan and China have taken steps to deepen financial and banking cooperation, as acting central bank governor Noor Ahmad Agha met with Chinese Ambassador Zhao Xing in Kabul to discuss expanding economic ties, investment opportunities, and bilateral collaboration.
A federal judge ruled that Homeland Security Secretary Kristi Noem likely exceeded her authority by revoking documents granted under the Temporary Protected Status program—offering relief to thousands of Venezuelans facing potential deportation.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Tajikistan’s external debt has seen a modest reduction, standing at $3.1 billion as of April 1, 2025 — a decline of $87 million, or 2.7%, from the start of the year, according to data released by the Ministry of Finance.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
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