President Donald Trump’s announcement to reintroduce 25% tariffs on steel and aluminum goods could push up prices for several American products, including appliances, beer and bicycles. The U.S. is warning that the cost of manufacturing existing products will increase and is expected to rise in the coming months.
Steel, a key component of cars, trucks and home appliances, will become more expensive for consumers. The auto industry in particular could face higher production costs and more expensive vehicles. Similarly, aluminum tariffs threaten to raise the cost of canned beverages like beer and soda, which would weigh on beverage manufacturers.
The tougher tariffs on goods could push up prices for appliances, such as home appliances. The raw materials used in both the production of appliances and aluminum will increase their prices.
While the White House says the tariffs will benefit the American economy and boost American industries and workers, critics argue they could disrupt global supply chains and raise prices.
