The United States doubled tariffs on steel and aluminium imports on Wednesday, activating a hike in the duties on the imported metals to 50% from the 25% rate introduced in March. The day also marks the Trump administration’s deadline for trading partners to submit their “best offers” to avoid further steep import duties set to take effect in early July.

China has accused President Donald Trump of causing severe disruption to global supply chains after he doubled the United States' steel and aluminum tariffs to 50 percent. Trump hiked the Section 232 tariffs in a proclamation that took effect on June 4,

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

The CBO analysis says Trump's tariffs over the next decade would reduce deficits by $2.8 trillion while also curbing economic growth by 0.6 percent.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of hou