Here are some of the products that are likely to cost more under President Trump’s 25% tariffs on all steel and aluminum imports.
Sweeping 25% tariffs on all U.S. steel and aluminum imports could cause prices on a range of consumers foods, including cars and washing machines, to rise. Components used in manufacturing and for construction such as nails, could also become more expensive.
Anything that’s made with metal, from homes and cars to canned foods and beverages could soon get a new and higher price tag.
„All manufacturing that uses steel or aluminum, or uses something that uses steel and aluminum will be affected“, international trade expert Christine McDaniel, senior research fellow at the Mercatus Center at George Mason University, told CBS MoneyWatch.
Dr. Wayne Winegarden, a senior fellow and director at the Pacific Research Institute, a right-leaning think tank, called the forthcoming tariff impact „a barn burner“, leading to higher prices and an economic slowdown.
He added that all „broad-based core commodities“ are vulnerable to price hikes as a result of the levies. In addition to automobiles and electronics, which rely heavily on metals, that includes less obvious goods like canned goods, whose prices could rise if packaging costs jump.
„We are going to see it in places you don’t expect it“, Winegarden said. American consumers likely to see higher prices on cars and more
Car, truck, bus and tractor parts were the largest import category by volume last year, that will be covered under the tariffs, according to the United States International Trade Commission.
American Automotive Policy Council, which represents Ford, General Motors and Stellantis, said the new tariffs „will add significant costs for automakers, suppliers and consumers“ in a statement to CBS News.
