Donald Trump, the President of the United States, signed a proclamation to increase the tariff rate on foreign steel and aluminum products imported into the United States from the current 25% to 50%.
According to a proclamation released by the White House on the 3rd (local time), President Trump instructed that the increased tariff rates would take effect starting at 12:01 a.m. on the 4th.
Accordingly, the itemized tariffs that began to be imposed on steel and aluminum on March 12 increased from 25% to double that rate.
President Trump cited the results of an investigation by the then Secretary of Commerce submitted on January 11 and 19, 2018, under the Trade Expansion Act Section 232, as well as the latest information provided to him by the current Secretary of Commerce as the basis for this directive.
The investigation into the impact of steel and aluminum imports on national security indicated that the volume and conditions of these products' imports jeopardize the national security of the United States.
In the proclamation, President Trump explained, "The increased tariff will more effectively block foreign nations from continuing to export low-priced, overproduced steel and aluminum to the U.S. market, thereby undermining the competitiveness of the U.S. industry."