U.S. to double steel, aluminum tariffs to 50%

As the week came to a close, President Trump on Friday evening announced that the U.S. will double the tariff rate on steel and aluminum imports to 50 percent, starting this Wednesday.  

The big picture: The rate hike will hit Canada, one of the U.S.’s largest suppliers of the key HVAC metals, exporting twice the amount of aluminum in 2024 than the next nine countries combined. 

What’s happening: “It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%,” the president wrote Friday. “Our steel and aluminum industries are coming back like never before.”

• Zoom out: The rate has held steady at 25 percent since March, even as tariffs on over 75 countries dropped to a flat 10 percent in April, as part of a 90-day pause. 
• Meanwhile, HVAC products from Mexico — which accounts for roughly 40 percent of the industry’s manufacturing capacity — remain exempt from tariffs. 

What’s next: Barring any changes, the new rate takes effect Wednesday, June 4.