Marketplace Morning Report U.S. doubles tariffs on steel and aluminum
Jun 4, 2025
The U.S. has dramatically increased tariffs on imported steel and aluminum to 50%, sparing only the UK from this financial blow. Tensions with the EU escalate amid the new trade terms, stirring concerns of a potential trade war. Meanwhile, arts funding cuts are impacting organizations like the Brooklyn Conservatory of Music, threatening vital community programs. Personal stories reveal how these cuts hinder access to arts education for low-income families, crucial for children's emotional and creative development.
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US Doubles Metal Tariffs, UK Exempted
- The U.S. has doubled tariffs on steel and aluminum imports to 50%.
- Britain currently has an exemption due to a bilateral trade agreement, but EU countries do not and face uncertain trade tensions.
UK Business Frustration With Tariffs
- UK metal firm owner Rowan Crozier finds tariff uncertainty disrupts production planning.
- Long lead times for materials mean delayed orders cause chaos for British businesses.
Tariff Uncertainty Curtails Jobs
- U.S. businesses delay hiring due to tariff uncertainty affecting profitability.
- CEOs hesitate to employ new staff until trade policy becomes clearer.