COLORADO SPRINGS, Colo. — President Donald Trump signed an executive order on Tuesday, doubling the current tariffs on steel and aluminum imports from 25% to 50%. The new tax took effect Wednesday.

In the order, President Trump states that the increased tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum into the U.S. market. He said raising the tariffs to 50% would effectively end steel imports.

While some experts say the new tariff could raise prices for products from cars to appliances, as well as construction materials and electrical equipment, a Colorado Springs steel company welcomed this announcement.

"Hedge buying or even panic buying," Vice President of Western Steel Inc Micah Olesky said.

He said that's what

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