U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,

US tariffs of 50 per cent on steel and aluminium will take effect from June 4 after Donald Trump signed an executive order on Tuesday escalating his global trade war.

President Donald Trump signed a directive on Tuesday raising steel and aluminum tariffs to 50% from 25% starting, following through on a pledge to boost import taxes to help domestic manufacturers.