Trump's tariffs slashed farm exports, raised input costs and left farmers reliant on unsustainable bailouts, experts warn.

The United States doubled tariffs on steel and aluminium imports on Wednesday, activating a hike in the duties on the imported metals to 50% from the 25% rate introduced in March. The day also marks the Trump administration’s deadline for trading partners to submit their “best offers” to avoid further steep import duties set to take effect in early July.

The torrent of tariffs President Trump has enacted so far in his second term would slash the federal deficit by $2.8 trillion if kept in place through fiscal year 2034, the Congressional Budget Office has determined.