US import costs of steel and aluminium, used in everything from baseball bats to cars and aircraft parts, are expected to rise by more than $100bn after Donald Trump raised tariffs on the metals to 50 per cent this week.

US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, a move cheered by the beleaguered US steel industry but decried by heavy users of the metals, from car makers to can manufacturers.