**US Hikes Tariffs on Foreign Steel and Aluminum to Spur Domestic Industry**

In a decisive move aiming to bolster the American steel and aluminum sectors, the United States has increased tariffs on foreign steel and aluminum imports to 50%. Despite international criticism, President Donald Trump signed an executive order Tuesday to formalize the tariff boost, asserting that it is essential to revive the domestic industry.

The increased tariffs aim to curb low-priced, excess steel and aluminum from other countries, particularly targeting China’s dominance in these markets. This policy shift is expected to challenge international exporters by making their products significantly more expensive in the US market, thus protecting American manufacturers.

Notably, the increased tariffs exclude imports from Britain, which has successfully negotiated a preliminary trade agreement with the US. British steel and aluminum exports will continue to face a 25% tariff until at least July 9, a reprieve in the broader landscape of rising trade barriers.

The hike is set to significantly impact Canada and Mexico, the top exporters of steel to the US. The reaction from Mexico has been particularly strong, with Economy Minister Marcelo Ebrard labeling the tariffs as unsustainable and illogical given that Mexico imports more steel from the US than it exports. Mexico plans to seek an exemption from the increase on Friday.

In a related development, the announcement comes shortly after Trump approved Japanese firm Nippon Steel's takeover of US Steel, highlighting the administration's aggressive stance on revitalizing the domestic industry. President Trump lauded the tariff increase, promising it would deliver a substantial boost to American steel and aluminum workers.

Meanwhile, senior European Union officials are engaging in diplomatic efforts to secure an exemption from the new tariffs. EU Trade Commissioner Maroš Šefčovič is set to meet with US Trade Representative Jamieson Greer in Paris, seeking a resolution. The EU has prepared a €21bn tariff package on US exports as a countermeasure but remains cautious about an immediate response.

While the tariffs have raised concerns among US trading partners, they underscore a shared goal with the EU of addressing the challenges posed by Chinese oversupply, which has adversely affected the European steel industry. As negotiations unfold, the global steel and aluminum markets are set to experience significant shifts in response to these heightened trade barriers.