The USA has decided to go ahead with 25% tariffs on imported steel and 10% on aluminium from its key allies – namely the European Union, Mexico and Canada. The news hasn't gone down well with the UK or the European Union.

According to reports, the 25% tax on steel and 10% tax on aluminium from the EU, Mexico and Canada will start at midnight.

On hearing the news, European Commission president Jean-Claude Juncker said it was a bad day for world trade, while the UK is said to be deeply disappointed.

Bruno Le Maire, the French finance minister said it was unjustified and dangerous.

The Aluminum Association has just released a statement expressing its disappointment in the decision and arguing for a renewed focus on the real problem in the aluminium sector today -- persistent aluminium overcapacity in China caused by rampant and illegal government subsidies in that country.