Today's Article

New 25% 1tariffs on all steel and aluminum 2imports start today, potentially 3hiking some prices for American consumers.

U.S. businesses have to pay the tariffs when they import the metals. The cost to them could be 4substantial based on Commerce Department statistics.

They show the U.S. imported more than $58 billion worth of aluminum, steel and iron last year.

"A tariff, for example, on a lot of Canadian 5exports is a tariff on U.S. companies who make cars in the U.S."

Many economists 6predict companies will 7pass on part or all of the added cost to consumers.

Auto prices could go up since cars contain hundreds or thousands of pounds of steel and aluminum.

8Homebuilders say the 9mere 10threat of tariffs has 11shaken their industry already.

"Prices have 12gone through the roof, and they've gone higher."

Prices also could rise for 13appliances, machinery, infrastructure, medical devices, 14power lines, beverage cans and more.

"Our cans have already gone up in price. 15Bottom line, it's going to eat into a good part of our profits."

Domestic steel and aluminum producers could benefit from the tariffs.

U.S. companies might be willing to pay more for their metal in order to avoid the 25% 16pseudo tax.

The Trump administration says helping those manufacturers is about more than just economics.

"We can't have a country 17defendable without a solid steel and aluminum industry."