Trump decides to double tariffs on steel, aluminum imports to 50 pct

U.S. President Donald Trump has decided to double tariffs on imported steel, aluminum and their derivatives to 50 percent starting Wednesday, according to a White House statement issued Tuesday.

According to the statement, the tariffs on steel and aluminum imports from the United Kingdom will remain at 25 percent.

However, beginning July 9, the United States may adjust the applicable tariff rates and introduce import quotas for steel and aluminum articles from the UK based on the terms of the Economic Prosperity Deal (EPD). If the UK fails to meet relevant provisions of the EPD, the tariff rate will be raised to 50 percent, the statement said.

Trump decides to double tariffs on steel, aluminum imports to 50 pct

Trump decides to double tariffs on steel, aluminum imports to 50 pct

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 7.0108 against USD Monday