By Berk Kutay Gokmen
ISTANBUL (AA) - US President Donald Trump signed an executive order Tuesday raising tariffs on steel and aluminum imports from 25% to 50%, Newsweek reported.
The order cites national security concerns, saying the current volume and conditions of steel and aluminum imports threaten the country's security.
It notes that while the initial 25% tariff had some positive effects, it was not enough to maintain the industry’s production capacity at a sustainable level.
As a result, tariffs on steel, aluminum and related products will be doubled to 50% effective 12.01 am local time (0400GMT) on June 4.
The executive order also notes that under a trade agreement signed with the UK last month, that country will be exempt from the increase and its exports will remain subject to the 25% tariff. However, the exemption is scheduled for review after July 9.