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Trump's midnight test on steel and aluminum tariffs

Donald Trump gets off a helicopter
Donald Trump walks off Marine One. Photo: Ken Cedeno/Pool/Getty Images

Less than 48 hours before a major tariffs deadline that could roil global markets, senior Trump administration officials are still internally divided over what to do. At 12:01 a.m. Tuesday, Trump is supposed to impose a 25% tariff on steel and a 10% tariff on aluminum on all the countries that got temporary exemptions in March. Those countries include some of America’s closest allies.

Why this matters: The temporary exemptions — the European Union, Canada, Mexico, Australia, Brazil and Argentina — account for almost half of steel imports to the U.S. If Trump slaps tariffs on all of them on Tuesday morning, it would disrupt global markets and throw international supply chains into uncertainty.