Trump orders 25% tariffs on steel and aluminum. Here's what experts say could become pricier.
CBSN
President Trump is again turning to tariffs to advance his trade agenda, signing new orders to place 25% import duties on all steel and aluminum imports. Although the idea is to protect U.S. manufacturers from unfair competition, consumers could end up paying more for some products that use the metals, according to economists.
Mr. Trump, who signed two executive orders on Monday imposing the new metal tariffs, has said that such duties can help revitalize key U.S. industries. For instance, some companies could opt to open new plants in the U.S. to avoid tariffs, while buyers could shift to U.S.-made products rather than pricier imports.
"Our nation requires steel and aluminum to be made in America, not in foreign lands we need to create in order to protect our country's future resurgence of U.S. manufacturing and production, the likes of which has not been seen for many decades," Mr. Trump said on Monday.
