The U.S. expanded tariffs on steel and aluminum imports took effect this week, doubling levies to 50% and extending them to hundreds of derivative products. The move, initiated under the Trump administration, has drawn scrutiny as analysts warn of mounting financial pressures on American households.
According to a U.S. Department of Commerce notice published Friday, 407 product codes have been added to the tariff schedule, targeting items with steel and aluminum content. This follows earlier measures imposed on imports from Mexico, Canada, and the Chinese mainland starting February 1.
A Reuters tracker reveals that at least 333 companies worldwide have adjusted operations or pricing in response to the tariffs since August 12. Goldman Sachs researchers estimate U.S. consumers absorbed 22% of tariff-related costs by June, with projections suggesting this could surge to 67% by October if current trends persist.
Economists caution that prolonged trade disputes risk destabilizing global supply chains, particularly in manufacturing and construction sectors. The developments underscore growing concerns about inflation and market volatility as businesses pass costs to consumers.
