Trump backtracks 50 percent tariff on Canadian metals but 25 percent import tax to go into effect - Trump’s tariff threats have caused the worst stock market slide in years

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.

The Trump administration’s 25 percent tariffs on steel and aluminum imports are now in effect but South Korea, Japan and Australia remain hopeful of exemptions.