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 hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that's set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.