American consumers could end up paying higher costs from President Donald Trump's vow to impose tariffs of 25% on imported steel and 10% on imported aluminum.
The plan, expected to be formalized with final details next week, could help U.S. steel and aluminum producers that have long complained about unfair competition from overseas.
Trump tweeted on Friday that a trade war with foreign steel and aluminum producers would be "easy to win."
However, it may not be so easy for American consumers. If implemented, steel and aluminum tariffs "will hurt domestic industrial manufacturers that rely on these commodities as key raw materials in production," said David Berge, Senior Vice President at Moody’s.
As a result, U.S. industry leaders say consumers could face higher costs for cars and trucks, beer and soft drinks, canned goods and more. "Make no mistake, this is a tax on American families," said Matthew Shay, the President and CEO of the National Retail Federation, a major trade group for the retail industry.
Source : usatoday
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