The rise in US steel and aluminium tariffs to 50% is the second time since March that Donald Trump has taken action to protect production of the metals in the US.

Mexico will announce measures next week if there is no agreement reached with the United States on the steel and aluminum tariffs announced, president Claudia Sheinbaum said Wednesday. She also called the U.

U.S. economic activity has declined and higher tariff rates have put upward pressure on costs and prices in the weeks since Federal Reserve policymakers last met to set interest rates, the U.S. central bank said on Wednesday in its latest snapshot of the nation's economy.

The U.S. economy has contracted over the past six weeks as hiring has slowed and consumers and businesses worried about tariff-related price increases, according to a Federal Reserve report Wednesday.

Economic activity declined slightly in the US in recent weeks, indicating tariffs and elevated uncertainty are rippling across the economy, the Federal Reserve said in its Beige Book survey of regional business contacts.

WASHINGTON (Reuters) -U.S. economic output will fall as a result of President Donald Trump's new tariffs on foreign goods that were in place as of May 13, while also reducing federal budget deficits by $2.8 trillion over a decade, the non-partisan Congressional Budget Office said on Wednesday.

The OECD said President Donald Trump's tariffs are hitting economic growth in the US and globally too, and warned of consequences for jobs and incomes.

New economic analyses, several conducted by the federal government using official data sources, point to slowing economic growth and increased consumer prices brought on by Trump’s trade war.

President Donald Trump has raised steel and aluminum tariffs to 50% from 25%, following through on a pledge to boost US import taxes to help domestic manufacturers.

US tariffs of 50 per cent on steel and aluminium have come into force after Donald Trump signed an executive order on Tuesday escalating his global trade war. The new tariffs took effect at midnight on Wednesday,

The UK’s steel and aluminium industry has been spared the immediate hit of Donald Trump’s 50 per cent from Wednesday – but looks to have just five weeks to finalise an exemp