6 days ago
How Higher Tariffs on Steel and Aluminum Will Affect Companies
President Trump has raised tariffs on steel and aluminum imports to 50 percent less than three months after imposing a 25 percent tariff on them. He said the move, made Wednesday, would help support U.S. steel companies, but many domestic businesses say that the latest increase would hurt them and raise prices for all Americans.
U.S. home builders, car manufacturers, oil producers and can makers will be among the most affected. Many companies in those and other industries will likely pass on cost increases to their customers.
'It means higher costs for consumers,' said Mary E. Lovely, a senior fellow at the Peterson Institute for International Economics, a research organization in Washington that tends to favor lower trade barriers.
These are some of the industries that could feel the biggest effects from Mr. Trump's latest tariffs.
American Steel Makers
Industry groups representing domestic steel producers praised the steeper levies, which they said could spur investment and create jobs in the United States.
Kevin Dempsey, the president and chief executive at the American Iron and Steel Institute, said the latest increase would help U.S. steel producers compete with China and other countries that have flooded the global market with metal. Mr. Dempsey said the industry had worried that the 25 percent tariff on steel imports alone was not sufficient.
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