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,

U.S. President Donald Trump plans to double tariffs on steel and aluminium imports to 50% from Wednesday, stepping up pressure on global steel producers and deepening his trade war.