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U.S. steel and aluminium imports face big tariffs

Staff Writer |
President Donald Trump has said he will sign off on steep tariffs on steel and aluminium imports next week, hitting producers like Canada and China.

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He said steel products face a 25% tariff, with 10% on aluminium goods. Trump tweeted that the U.S. was suffering from "unfair trade". But the move has hit US markets, with the Dow Jones index down more than 2%.

The U.S. imports four times more steel than it exports, and is reliant on steel from more than 100 nations.

The value of shares in American steel manufacturers jumped significantly after the announcement.

The news is likely to provoke an angry reaction from China, and analysts have expressed fears of the prospect of new trade wars.

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