Businesses worldwide brace for extra Trump tariffs on steel imports

Exporters say the derivative tariffs will mean many goods could face paying the higher rate on their steel content – on top of the baseline rate on the cost of the whole item. Photograph: Fabian Bimmer/Reuters

Businesses around the world are steeling themselves for another round of Donald Trump’s tariffs, this time on goods ranging from bicycles to baking trays, as US industry embraces a call for more products to tax on import.

Small, medium and large American companies have asked the US Department of Commerce to add about 700 more items to an August list of 407 products already facing extra tariffs because of their steel content, which hit items such as Ikea tables with metal nuts and bolts and German combine harvesters.