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President Donald Trump set off a frenzy worthy of a primetime reality show when he made an offhand announcement last week that the U.S. will be imposing tariffs on imported steel and aluminum.

And now, the cliffhanger: Will he or won’t he actually go through with them?

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As breathless as the coverage has been, the stakes are high. The most conservative estimates see hundreds of thousands of jobs lost and that will only increase as countries gear up for retaliatory measures.

As we wait for Trump’s final decision, here’s what you need to know about these trade remedies and their consequences.

How much are the tariffs? The tariffs are expected to be 25 per cent on steel imports and 10 per cent on aluminum.

Why does Trump want them? The primary target seems to be China, which has been over-producing steel and “dumping” it on other markets. Both the U.S. and the European Union have complained about Chinese steel and introduced tariffs in the past, arguing the cheap product makes it hard for domestic industries to compete.