President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.

On the very day he was inaugurated, Trump announced plans to impose 25% tariffs on Mexico and Canada. First, they were postponed for 30 days. Then, they went into effect on March 4, only for Trump to decide a couple of days later to halt tariffs on many imports from Canada and Mexico for one month.

Steel and Aluminum The Trump administration imposed 25% tariffs on all steel and aluminum imports on March 12. The European Union responded with 50% import tariffs on American whiskey, motorcycles and motorboats starting April 1,