Trump Promises To Hike Steel And Aluminum Tariffs To 50% Starting Wednesday

WASHINGTON, DC – FEBRUARY 10: U.S. President Donald Trump signs a series of executive orders in the Oval Office at the White House on February 10, 2025 in Washington, DC. Trump signed an order imposing a 25 percent tariff on all foreign steel and aluminum imports into the United States. (Photo by Andrew Harnik/Getty Images)

NEW YORK (AP) — U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers. Foreign-made steel and aluminum is used in household products like soup cans and paper clips as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that the latest tariffs will significantly squeeze the wallets of both companies and shoppers alike.