Trump Delivers on Steel Tariffs, Foreign Partners Scramble to Cut Deals [WATCH]

President Donald Trump’s administration officially implemented a 50% tariff on most imported steel and aluminum on Wednesday, doubling the previous rate that had been in place since March.

The new tariff measure was signed into effect by executive proclamation late Tuesday and took effect at 12:01 a.m. Wednesday morning.

President Trump just signed a proclamation raising tariffs on steel and aluminum imports by 50% to protect U.S. steel and national security.🇺🇸

THE GOLDEN AGE IS HERE! pic.twitter.com/TP32u0M4dR

— The White House (@WhiteHouse) June 3, 2025

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The tariff hike coincided with the White House’s deadline for international trading partners to submit their “best offer” proposals to avoid additional import taxes scheduled to take effect next month under what the administration is calling “Liberation Day” tariffs.

“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,” White House economic adviser Kevin Hassett said during remarks at a steel industry conference on Tuesday.

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The 50% tariff now applies to nearly all foreign steel and aluminum imports, with the exception of the United Kingdom.

The U.K. is the only country so far to reach a preliminary trade agreement with the United States during a 90-day pause in the rollout of a broader set of tariffs.

Imports from the U.K. will remain subject to the original 25% rate until at least July 9, pending further negotiations.

According to U.S. Census Bureau data, approximately 25% of the steel used in the United States is sourced from foreign producers.

The increased tariff rate is expected to significantly impact U.S. trade partners, particularly Canada and Mexico, which rank first and third in steel exports to the U.S., respectively.

Canada, which is also the top aluminum exporter to the U.S. by a wide margin, is expected to feel a more pronounced effect from the aluminum-related duties.

Prime Minister Mark Carney’s office released a statement confirming that Canada is “engaged in intensive and live negotiations to have these and other tariffs removed.”

Mexico, meanwhile, is requesting an exemption from the new tariff levels. Mexican Economy Minister Marcelo Ebrard argued the increase is “unsustainable and unfair,” noting that Mexico imports more steel from the U.S. than it exports.

“It makes no sense for the United States to levy a tariff on a product in which you have a surplus,” Ebrard said.

The new tariffs have already disrupted markets, with price premiums for aluminum doubling in 2025.

The increase has raised concerns about downstream effects on domestic manufacturers and the ability to quickly increase U.S. production capacity.

Despite these concerns, the administration continues to press forward with its trade objectives.

The White House has requested that trading partners submit detailed proposals by Wednesday in an effort to avoid the next phase of tariffs, scheduled for implementation in just over five weeks.

Just as the briefing was about to wrap, a reporter took one last swing—accusing the president of hurting business by hiking tariffs on steel and aluminum.

“You’ve got U.S. business leaders begging for certainties. Why did the president suddenly decide to hike tariffs again?”… pic.twitter.com/fxwI1rajPQ

— The Vigilant Fox 🦊 (@VigilantFox) June 3, 2025

According to the U.S. Trade Representative, countries have been asked to provide detailed offers in several categories, including tariff and quota arrangements for purchasing U.S. industrial and agricultural products, elimination of non-tariff trade barriers, and country-specific commitments relating to digital trade and economic security.

So far, the agreement with the U.K. is the only trade framework that has been formally acknowledged.

Officials describe it as preliminary and subject to continued negotiations.

Japan, another major trading partner, has not yet received the formal letter requesting a proposal.

Japanese government spokesperson Yoshimasa Hayashi confirmed ongoing discussions with the U.S. and said, “The government will keep on tackling them, doing our utmost and giving them a top priority.”

The Trump administration maintains that these tariffs and negotiations are part of a broader strategy to secure fairer trade terms for U.S. industries and reduce the country’s reliance on foreign-sourced critical materials.

Additional announcements related to new trade agreements or exemptions are expected in the coming weeks.

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