Trump's 50% tariffs on foreign steel and aluminum come into effect

The US has doubled tariffs on foreign steel and aluminum imports to 50%, pressing ahead in the face of criticism from key trading partners with a measure that Donald Trump says is intended to revive the American industry. After imposing and rapidly lifting tariffs on much of the world, only to reduce them, Trump last week refocused on the global steel and aluminum markets - and the dominance of China. Trump signed an executive order formalizing the move on Tuesday. Higher tariffs "will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United…