US Commerce Secretary Howard Lutnick confirmed on Sunday that the 25% tariffs on steel and aluminum imports, which are scheduled to take effect Wednesday, are unlikely to be delayed, according to Bloomberg.
The tariffs, first imposed by President Donald Trump in February, target imports from major suppliers such as Canada and Mexico, and extend to finished metal products. While the move is intended to protect domestic steelmakers, many American businesses relying on these materials have expressed concerns that the tariffs could disrupt their operations.
Following the announcement, the US Dollar (USD) continued to face downward pressure. As of the latest update, the US Dollar Index had fallen 0.13%, trading at 103.70. The market remains wary of the potential economic impact of the tariffs, contributing to the ongoing weakness in the greenback.