President Trump will sign an executive order Tuesday that will increase tariffs on imported steel and aluminum to 50% from the current 25%, White House press secretary Karoline Leavitt said. The increased tariffs will go into effect on Wednesday,

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 has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,