Donald Trump’s 50 per cent steel and aluminium tariffs have come into effect

News Snapshot:

Tariffs placed on steel and aluminium products imported into the United States by President Donald Trump have increased from 25 per cent to 50 per cent, in a move that could significantly impact businesses ranging from car manufacturers to home builders. Foreign-made steel and aluminium are used in the US to make household products like soup cans and paper clips, as well as big-ticket items like stainless steel refrigerators and cars. Economists have warned that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike, but Mr Trump argues that his latest import taxes are necessary...