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Tag: global trade retaliation
U.S. Government Doubles Steel and Aluminum Tariffs as “Best Offer” Deadline Looms
Steel and Aluminum Tariffs: On June 4, 2025, President Donald J. Trump’s administration enacted a sweeping increase in U.S. import duties on steel and aluminum, doubling the tariff rate from 25 percent to 50 percent on most trading partners. At the same time, Washington imposed a firm deadline for foreign governments to submit their “best offers” to negotiate exemptions under broader trade terms slated to take effect on July 8, including what the administration has termed its “Liberation Day” tariffs. Aside from the United Kingdom—which secured a preliminary agreement on May 8, maintaining a 25 percent steel and aluminum rate until July 9—no other nation had finalized a deal by the June 4 deadline. In the words of Trade Representative Jamieson Greer, “These measures reinforce American sovereignty and send a clear message: we will not tolerate unfair trade practices” (Office of the U.S. Trade Representative, June 4, 2025).