President Donald Trump signed an executive order raising tariffs on steel and aluminum imports to 50% on Tuesday afternoon.

The 50% tariff on steel and aluminum takes effect at 12:01 a.m. ET on Wednesday.

The directive seeks to address the issue of inexpensive foreign steel and aluminum that the administration feels jeopardizes U.S. manufacturers. Additionally, it aims to reduce any potential national security risks that imports may pose.

“I have concluded that it is essential to raise the previously mentioned steel and aluminum tariffs to regulate the importation of steel and aluminum products and their derivatives so that such imports will not potentially harm the national security. In my opinion, the increased tariffs will more effectively challenge foreign nations that persist in dumping low-cost, surplus steel and aluminum into the U.S. market, thereby undermining the competitiveness of the United States’ steel and aluminum industries,” Trump stated in the order.

This is a developing story. Please check back for updates.