Trump Reveals Plans for 25% Tariffs on US Steel and Aluminum Imports
Photographer: Anna Rose Layden/UPI
Good morning. Trump announces plans for tariffs on steel and aluminum imports. Activist investor Elliott builds a stake in BP. And scammers using deepfakes are targeting Italy’s elite. Listen to the day’s top stories.
President Donald Trump said he would announce 25% tariffs on all imports of steel and aluminum today. But he didn’t specify when the duties would take effect. The euro, Australian dollar and Canadian dollar fell. Meanwhile, banks and hedge funds are beefing up their FX desks after years of decline as increased volatility due to the tariff talk boosts profits.