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Timely insights from the Economy, Strategy & Finance Center
On May 4 the Administration increased steel and aluminum tariffs by an additional 25%. This brings the current tariff rate to 50%, as the initial 25% percent tariff went into effect on March 12. There are no exemptions for imports from allies.
The US is the largest importer of steel and aluminum globally. About a quarter of the steel and half of the aluminum used in the US is imported. Canada is the largest supplier of raw steel and aluminum to the US.
Impacted products: The result of the tariff is that prices will increase for products made from steel and aluminum. These products fall into the following four categories:
Increasing domestic production is challenging: Although the intent of the tariffs seems to be to increase US production, the ability to quickly manufacture more steel and aluminum in the US is hampered
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