Trump Raises Tariffs on Steel and Aluminum Amid Economic Uncertainty
On June 3, 2025, President Donald Trump signed a proclamation increasing tariffs on steel and aluminum imports to 50%, citing national security concerns and the need to protect American industries. The new tariffs, which double the previous rate of 25%, are set to take effect on June 4, 2025.
Trump’s Justification for the Tariff Hike
The White House stated that foreign nations have been flooding the U.S. market with cheap steel and aluminum, often subsidized by their governments. Trump argued that these imports weaken domestic production, making the U.S. vulnerable in times of national emergency.
Impact on Trade Relations
The tariff increase is expected to strain relations with key trade partners, including Canada, Mexico, and the European Union. While tariffs on UK imports remain at 25%, Trump hinted at possible changes or quotas starting July 9, depending on the status of the U.S.-UK Economic Prosperity Deal.
Trump’s Approval Rating Holds Steady
Despite economic concerns, Trump’s approval rating remained stable, with polls showing mixed results:
- Rasmussen Reports: 53% approval, 46% disapproval
- Trafalgar Group: 53.7% approval, 45.6% disapproval
- Morning Consult: 46% approval, 51% disapproval
- RealClear Polling (average of 15 pollsters): 47.5% approval, 49.7% disapproval.
Trump’s Crypto Controversy
Meanwhile, Trump faced backlash over the launch of the “$TRUMP Wallet” crypto app, which was announced by Magic Eden on June 3. Trump’s sons, Eric and Donald Jr., denied any involvement, calling the project unauthorized and misleading. The app, designed to trade $TRUMP memecoin, Bitcoin, and other crypto assets, was met with legal threats from the Trump family, who warned Magic Eden against using their name without approval.
Economic Uncertainty and Market Reactions
Trump’s tariff policies, combined with geopolitical tensions and Federal Reserve interest rate concerns, have contributed to a sharp rise in gold prices. Investors are increasingly turning to safe-haven assets, with gold surging past $3,373 per ounce and silver exceeding $1 lakh/kg.
June 3, 2025, underscored the complexities of Trump’s leadership, blending economic policy shifts, trade disputes, and political controversies. It highlighted the administration’s ongoing efforts to navigate domestic and global challenges.
For more details, read the full reports on Trump’s tariff increase and his approval ratings.