European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,

President Trump's move to double steel and aluminum tariffs to 50% from Wednesday is making waves: Shares in American steelmakers jumped Monday. [Cleveland-Cliffs (CLF)](

President Donald Trump has announced a significant increase in tariffs on imported steel and aluminum, doubling the current rate from 25% to 50%.