US President Donald Trump's new tariffs on steel target a major industry that is found in everything from cars to buildings but was already facing a range of challenges.

The 25-percent tariffs, which also hit US imports of aluminium, came into effect at midnight in Washington, hitting numerous nations from Brazil to South Korea, as well as the European Union.

Washington has framed the tariff moves as a bid to protect US steel and American workers as the sector declines and faces fierce overseas competition, especially from Asia.

Global steel production hit 1.84 billion tonnes in 2024, a 0.9 percent drop from the previous year, according to the latest figures from the World Steel Association trade body.

China is the biggest producer, accounting for more than half of world output with more than one billion tonnes.

The United States stands in fourth place with 79.5 billion tonnes, which was down 2.4 percent from 2023.

The world's biggest economy imported 26.4 million tonnes of the alloy in 2023, making it the second-largest market for foreign steel behind the........

© International Business Times