Trump to double steel, aluminum tariffs to 50%

US President Donald Trump said he will double tariffs on steel and aluminum to 50 percent, starting next Wednesday. The measure will likely cover imports from all countries and regions. Trump made the announcement on Friday in the state of Pennsylvania.

He said the tariff hike from 25 percent to 50 percent "will even further secure the steel industry in the United States." Trump added that no one can avoid the levies. Trump stressed that his stance is to protect the domestic steel industry and workers. But concerns are likely to grow about the tariff hike accelerating inflation again, as US companies in a wide range of fields, such as aviation and energy, use imported steel products and aluminum.