President Donald Trump has proposed “long-time” tariffs of 25 per cent on imported steel and 10 per cent on aluminium that he says will put the country first.
But a broad swathe of corporate America strongly disagrees, saying the levies will boost prices on everything from cars to beer and force companies to cut jobs.
While the policy would hit the auto and aerospace industries hardest, it would also have ramifications for a wide range of businesses – and products that Americans purchase daily.
EU preps duties against US as IMF pushes back at Trump’s trade war
Beer, soft drinks, confectionery, canned soup and even pharmaceuticals rely on aluminium for packaging. Electronics, such as Apple’s iPhone, also use the metals.
Here’s what the tariffs would actually mean for people living in America, according to equities analysts.
Autos and aerospace
The auto and aerospace industries would probably be hurt the most by the tariffs because they use so much metal.
Toyota said the administration’s proposal will increase the price of cars and trucks sold in America. General Motors and parts supplier Robert Bosch also raised their hackles, and dealers have balked at the idea.