Escalated Steel and Aluminum Tariffs Will Raise Prices
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Navigating Washington: Insights for Business

Escalated Steel and Aluminum Tariffs Will Raise Prices

06 June 2025 / Brief

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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.

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:

  1. Construction materials (e.g. beams, frames, roofing, wall cladding and siding)
  2. Appliances (e.g. refrigerators, dishwashers, ovens and washing machines)
  3. Manufacturing inputs (such as for air conditioner and machinery coils, hinges, and industrial steel drums)
  4. Consumer packaging (e.g. food and beverage cans)

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

Author

Erin McLaughlin

Erin McLaughlin

Senior Economist, ESF Center

Read BioErin McLaughlin

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