Trump’s Steel Tariff Increase: Potential Impact on Crypto Markets

President Trump has doubled tariffs on steel and aluminum imports, effective June 4th, with the aim of bolstering domestic manufacturing. This move has raised concerns about potential trade wars. While the White House aims to stimulate the U.S. steel industry, increased costs for imported materials could impact various industries reliant on these resources. Experts suggest this tariff hike may exacerbate global trade tensions and lead to retaliatory measures from trading partners. 50% tariffs on steel imports are expected to take effect soon, prompting a mixed market response.