The new 25% tariff rates on steel and aluminum imports into the United States are due to take effect on March 12, according to the executive orders signed by President Donald Trump on Monday.

President Donald Trump on Monday expanded his steel and aluminum tariffs to cover all imports, effectively canceling deals with the European Union, the United Kingdom, Japan and others. The new executive orders build off the 25 percent tariff on steel and the 10 percent tariff on aluminum Trump imposed in 2018 during his first administration by raising duties,

Fed Chair Jerome Powell told Congress the Fed isn’t rushing rate cuts, citing strong growth and inflation. He noted uncertainty from Trump’s policies but stressed Fed independence, denying Musk-linked interference.

The U.S. dollar fell on Tuesday as Federal Reserve Chair Jerome Powell said the U.S. central bank was in no rush to cut its short-term interest rate again and as traders waited on more concrete information regarding potential trade tariffs by U.

The US central bank is in no rush to slash interest rates any time soon, Federal Reserve Chair Jerome Powell told lawmakers Tuesday.