Trump Plans to Raise Steel and Aluminum Tariffs; U.S. Steel and Aluminum Prices Soar

​U.S. President Trump stated that starting this Wednesday local time, tariffs on steel and aluminum in the U.S. will increase from 25% to 50%. On Monday local time, steel and aluminum prices in the U.S. market surged. Overnight, the news also led to a divergence in steel stocks: U.S. company stock prices rose, while European companies faced downward pressure. The U.S. relies on imports for both steel and aluminum products, and experts point out that the latest tariff measures will put pressure on American consumers. It is reported that nearly half of aluminum products in the U.S. rely on imports. Experts warn that steel tariffs may lead to price increases for goods such as automobiles, housing, and large appliances. Additionally, since steel and aluminum are widely used in food packaging, consumers may also see grocery prices rise.