The U.S. raised tariffs on imported steel and aluminum from 25% to 50% under President Trump’s order, urging trade partners to submit proposals to avoid additional tariffs set for early July.
White House economic adviser Kevin Hassett, speaking at a steel industry conference in Washington, explained the decision: “We started at 25 and then after studying the data more, realized that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow.”
The higher tariffs apply to all trading partners except the United Kingdom, which has reached a preliminary trade agreement with the U.S. Under this arrangement, The United Kingdom will retain the 25% tariff rate until at least July 9.
The policy is expected to have a substantial impact on key suppliers, particularly Canada and Mexico. Canada, which provides nearly half of all aluminum imported into the U.S., is likely to face the hardest consequences. The office of Canadian Prime Minister Mark Carney noted that the government is “engaged in intensive and live negotiations to have these and other tariffs removed.”
Mexico has also raised concerns. Economy Minister Marcelo Ebrard called the tariffs “unsustainable and unfair,” highlighting that Mexico imports more steel from the United States than it exports there.
In addition to the tariff increase, the U.S. administration has asked its trading partners to submit formal trade proposals by Wednesday These proposals are intended to enable countries to avoid further tariff increases that are scheduled to begin in early July.
According to officials, the proposals should include lower tariff and quota rates for U.S. goods, as well as plans to address non-tariff barriers. So far, only the United Kingdom has reached a preliminary framework.
Many trading partners are mainly concerned about whether the current 10% tariff on most of their exports to the U.S. will stay the same after that date or increase sharply in many cases.
At the same time, China’s recent decision to limit exports of rare earth elements—materials critical to industries such as automotive, aerospace, electronics, and defense—has intensified global supply chain concerns. Automakers and manufacturers have warned that these restrictions could cause significant production delays.
Uncertainty around U.S. trade policy is already affecting business outlooks. French spirits producer Rémy Cointreau has withdrawn its long-term growth targets, citing declining sales in the U.S. and growing market unpredictability. Austrian specialty steelmaker Voestalpine has warned of potential losses this year, while Germany’s VDMA engineering association has linked a 6% drop in new orders in May to the instability caused by shifting U.S. trade measures.
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Within the framework of the international event on energy efficiency held in Brussels, Azerbaijan’s Minister of Energy, Parviz Shahbazov, met with the Executive Director of the International Energy Agency (IEA), Fatih Birol.
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
Türkiye and Azerbaijan are deepening defense ties with two major joint military drills in Nakhchivan this June, aiming to strengthen strategic cooperation and regional readiness.
European foreign ministers agreed to increase pressure on Russia by imposing new sanctions targeting its energy and banking sectors amid ongoing conflict with Ukraine.
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Within the framework of the international event on energy efficiency held in Brussels, Azerbaijan’s Minister of Energy, Parviz Shahbazov, met with the Executive Director of the International Energy Agency (IEA), Fatih Birol.
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
Türkiye and Azerbaijan are deepening defense ties with two major joint military drills in Nakhchivan this June, aiming to strengthen strategic cooperation and regional readiness.
European foreign ministers agreed to increase pressure on Russia by imposing new sanctions targeting its energy and banking sectors amid ongoing conflict with Ukraine.
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