One of America's most storied industries is getting a massive boost from President Donald Trump's latest tariffs push — at the potential cost of a broader slowdown elsewhere in the U.S. economy.

Trump signed an executive order increasing the already substantial 25% duties on steel imports he first set in March to 50%. He signaled last week that the tariff rate hike was coming. It went into effect at midnight Wednesday, according to NBC News .

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“We’re going to bring it from 25% to 50% — the tariffs on steel into the United States of America,” Trump said at a rally in Pennsylvania, “which will even further secure the steel industry in the United States.”

The new 50% duties also affect aluminum products.

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