President Donald Trump’s abrupt decision to double steel import tariffs to 50% is sending shockwaves through global markets. While U.S. steel prices are set to surge, European industries brace for oversupply and falling prices, highlighting the complex ripple effects of protectionist policies.

Bank of England policymaker Lombardelli views the recent U.S.-China tariff reductions as positive news for global growth prospects. She notes that while this development is encouraging, trade policy uncertainty persists until a permanent solution is reached, and short-term inflation could rise, affecting central bank rate decisions.