That’s about to double. In a proclamation issued Tuesday, Trump confirmed that the U.S. will begin taxing nearly all steel and aluminum imports at 50% after the clock strikes midnight Wednesday. Steel and aluminum from the U.K., meanwhile, will continue to be levied at 25% due to a recent trade deal.

"Strongly regret," and "unfair" were some of the reactions from trade partners around the world as the U.S. doubles tariffs on steel imports.

U.S. tariffs on steel and aluminum imports doubled on Wednesday, as President Donald Trump continued to ratchet up levies on foreign metals that he claims will help revitalize American steel mills and aluminum smelters.

The UK could end up facing the higher rate if its deal signed with the Trump administration last month does not come into force.

The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but have also taken investors on a roller-coaster ride. Companies are counting the cost of the trade war that is now being estimated at more than $34 billion in lost sales and higher expenses,

Some of the challenges are self-inflicted, but a fresh set of court rulings questioning the president’s authority to enact tariffs hangs over his trade agenda.