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 U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

The president cited figures from the Congressional Budget Office to suggest tariffs could offset the cost of tax cuts, though he omitted important caveats for why that may not be the case.