What aluminum and steel tariffs will mean to you

The tariffs on steel and aluminum imposed on imports from Canada, Mexico and Europe - and the promised retaliation fr...

Posted: May 31, 2018 4:39 PM
Updated: May 31, 2018 4:39 PM

The tariffs on steel and aluminum imposed on imports from Canada, Mexico and Europe - and the promised retaliation from these key US trading partners - will ripple across the American economy.

You could be affected regardless even if your business has nothing to do with rolls of aluminum or slabs of steel.

First, the price of some products that everyone buys will probably go up.

Both metals are crucial raw material for autos, airplanes and appliances made in the United States. The construction, oil and utility industries use them for beams, pipelines and wires, as well as cans for food and drinks.

Related: Trump hits Canada, Mexico, EU with steel and aluminum tariffs

It's not clear how much imports will fall if Trump follows through with the tariffs. Experts say it's not clear that the existing American industry can supply all the steel and aluminum now imported from abroad, since restarting closed factories will be difficult, expensive and could take years in some cases.

That means that manufacturers might have to keep importing these materials and pay the tariffs. That will raise their costs, making their products less profitable, or if they raise their prices, less competitive.

Even if an American manufacturer buys from domestic steel mills or aluminum smelters, those companies could hike their prices since they won't have to worry about as much competition from low-priced imports.

Related: Trump is starting a global trade war

Beyond that, the trade dispute with these major partners isn't likely to stop with these products.

Mexico and the EU have already pledged to retaliate against American products with their own tariffs.

For example when the steel and aluminum tariffs were first announced in March, Europe signaled it was prepared to take action aimed at Harley-Davidson motorbikes, bourbon whiskey and Levi's jeans in retaliation. Farmers could also be hit by tariffs imposed on food exports.

Tariffs will probably also hurt the value of your 401(k), since a trade war is typically bad news for American stocks. The Dow was down more than 200 points midday Thursday.

Minnesota Coronavirus Cases

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Reported Deaths: 8661
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Hennepin1537491923
Ramsey63444980
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Anoka54052520
Washington33690331
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Crow Wing9518109
Chisago837263
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Beltrami658079
Mower645541
Douglas629190
Goodhue619985
Itasca618885
Winona611854
McLeod595770
Steele585825
Isanti573074
Morrison557767
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Norman8789
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Iowa Coronavirus Cases

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Cases: 474151

Reported Deaths: 6785
CountyCasesDeaths
Polk74657729
Linn29194394
Scott24733274
Black Hawk20335358
Woodbury19207244
Johnson17988100
Dubuque15834229
Pottawattamie14276200
Dallas14109108
Story1288551
Warren774296
Cerro Gordo6951110
Webster6950111
Clinton6929101
Des Moines667594
Marshall641885
Muscatine6352113
Wapello5936137
Jasper578279
Lee565689
Sioux565676
Marion508191
Buena Vista491746
Plymouth463487
Henry389847
Jones370861
Washington366856
Benton359257
Bremer357168
Boone350937
Carroll346353
Crawford339347
Mahaska322856
Dickinson301052
Clay279133
Buchanan279039
Jackson273546
Kossuth271873
Hardin270249
Tama264976
Fayette260649
Delaware258546
Cedar249526
Page249328
Wright243645
Hamilton233954
Winneshiek233338
Floyd221845
Harrison217777
Madison216925
Clayton214558
Poweshiek211741
Iowa208029
Butler206638
Cass201557
Jefferson201040
Mills199929
Allamakee194753
Cherokee193844
Lyon192941
Hancock187639
Winnebago186633
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Appanoose180850
Shelby178439
Louisa171052
Grundy168537
Humboldt167727
Emmet167146
Franklin164628
Mitchell164043
Union162637
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Sac157924
Guthrie155434
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Keokuk139635
Monroe134335
Howard128222
Ida118641
Greene116315
Davis115225
Lucas113724
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Monona108738
Worth10818
Adair105335
Osceola94017
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Van Buren84221
Decatur82612
Taylor79713
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