U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,

US tariffs of 50 per cent on steel and aluminium will take effect from June 4 after Donald Trump signed an executive order on Tuesday escalating his global trade war.

US President Donald Trump has signed an order doubling tariffs on steel and aluminium imports from 25% to 50%. The move hikes import taxes on the metals - key inputs in everything from cars to canned food - for the second time since March.