President Trump signed an executive order Tuesday raising the tariffs on imported steel and aluminum from 25% to 50%, effective Wednesday. The order excludes imports from the United Kingdom from the increase at least through July 9 while the two countries work out the details of a deal agreed upon in early May.

U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,

President Trump will sign an executive order Tuesday that will increase tariffs on imported steel and aluminum to 50% from the current 25%, White House press secretary Karoline Leavitt said. The increased tariffs will go into effect on Wednesday,