By Wyatte Grantham-Philips
U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.
Foreign-made steel and aluminum is used in household products like soup cans and paper clips, as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike. But Trump argues that his latest import taxes are necessary to protect U.S. industries.
The 50% tariffs went into effect just after the clock struck midnight on Wednesday. The two metals had previously faced 25% tariffs worldwide since mid-March, when Trump’s order to remove steel exemptions and raise aluminum’s levy from his previously-imposed 2018 import taxes went into effect.
Steel and aluminum from the U.K. is the exception. British imports of
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
