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NEW YORK (AP) — U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from ...

Steel and aluminum from the U.K., meanwhile, will continue to be levied at 25% due to a recent trade deal. Why is Trump raising these tariffs? Trump says it’s all about protecting U.S. industries.

That’s about to double. In a proclamation issued Tuesday, Trump confirmed that the U.S. will begin taxing nearly all steel and aluminum imports at 50% after the clock strikes midnight Wednesday.

Researchers found that Trump’s 2018 round of 25 percent steel and aluminum tariffs helped add about 1,000 steel-production jobs but also contributed to the loss of 75,000 jobs in U.S. manufacturing.