Despite an exemption from 50 percent tariffs, Britain still faces a 25 percent duty because its trade deal with the United States has yet to be put in place.

European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,

President Trump doubled almost all aluminum and steel import tariffs, seeking to curb China’s growing dominance in global trade. These six charts show the tariffs’ potential economic effects.