Trump's 25% tariffs on all steel and aluminum imports go into effect

President Donald Trump has officially increased tariffs on all steel and aluminum imports to 25%. He has promised that the taxes will help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown. Wednesday's move eliminates all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. The U.S. president has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting April 2.