Trump Says He's Hiking Steel, Aluminum Tariffs to 50%

The president announced on his social media platform that he was doubling the tariffs on steel and aluminum from 25% to 50%. The announcement followed remarks he had made earlier at an event celebrating the linkup of Nippon Steel and U.S. Steel (the details of which are still forthcoming). The new rates are slated to go into effect, Wednesday, June 4. [*Editor's note: We refrain from marking every little thing the president says, holding until said things become official things. However, tariff announcements are noteworthy events because of their effects on markets, and the possibility that they are enabling grift for the president's coterie.*]