In a major shift in trade policy, the United States has officially doubled tariffs on imported steel and aluminum, raising rates from 25% to 50%. Spearheaded by former President Donald Trump, this decision is aimed at safeguarding U.S. manufacturing and addressing foreign dumping practices, citing national security as justification.

The recent tariffs introduced by President Donald Trump targeting countries like China, Canada, and Mexico have acted as a catalyst for the decline in metal prices.