President Trump is pushing for trade deals while he is set to sign an order doubling tariffs on steel and aluminum. Meanwhile, his trade war is causing the global economy to slow, with growth now heading for its weakest pace since the COVID-19 pandemic,

European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,