ROCHESTER, N.Y. – The tariff on steel and aluminum increased from 25% to 50% early this morning, raising concerns about its impact on consumers. This development is aimed at reducing the United States’ reliance on foreign metals, said President Donald Trump.
Currently, the U.S. imports 26.2 million metric tons of steel and 5.4 million metric tons of aluminum. Canada is the largest foreign supplier of both metals. While the nation’s largest steelmakers support the tariffs, consumer advocates and economists agree that consumers will feel the impact.
“Everything from cars to refrigerators to outdoor chairs to lawn furniture” could see price increases due to these tariffs, said Rita McGrath, a professor at Columbia School of Business. She explained that steel and aluminum are vital to many products, including aluminum cans.
Soda manufacturers are considering a shift in strategy, with the CEO of Coca-Cola planning to emphasize plastic bottles due to the tariff increase.
Car manufacturers are expected to be particularly affected, as steel accounts for about 60% of a car’s weight. Analysts estimate the tariff could increase car prices by $800 to $3,000, depending on how much of the cost manufacturers pass on to consumers.
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