steel

Tariffs imposed by US President Donald Trump on imports of steel and aluminium have taken effect in a move that will likely escalate tensions with some of America's largest trading partners.

In a caustic post on his Truth Social account, Trump said he would double impending tariffs on Canadian steel and aluminium in response to a planned Canadian surcharge on electricity bound for northern US states.

In a post on Truth Social, Trump said he was imposing another 25% tariff on steel and aluminum imported to Canada, above the 25% he announced he previously.

On Tuesday, stocks slid again after Trump said he will put additional tariffs on Canadian steel and aluminum imports as a result of Canada retaliating with a 25% surcharge on electricity exports to the U.S.

US President Donald Trump has said he will double the tariffs he previously announced on Canadian steel and aluminium imports into the US, taking the levies to 50% in total.