Trump doubles steel tariffs to 50% in major announcement

President Donald Trump announced Friday that he would set tariffs on steel imported into the United States at 50%, double their current rate. This move comes as a 'major announcement' and has significant implications for the global steel industry. The decision is likely to increase costs for US manufacturers and exporters, potentially impacting industries such as construction and automotive. The tariff hike is part of Trump's broader effort to protect American industries from foreign competition.