In the latest move by the Trump Administration, steep tariffs on international metal imports have taken effect overnight.
Dozens of countries, including Canada, Australia, as well as the European Union, are being hammered by the increase.
WATCH ANYTIME FOR FREE
 |
Stream NBC10 Boston news for free, 24/7, wherever you are. |
Tariffs on goods like cars, solar panels and tin cans could raise costs for American manufacturers. Rising costs mean companies will likely have to ask consumers to help shoulder that burden.
Get updates on what's happening in Boston to your inbox. Sign up for our News Headlines newsletter.
This marks a major escalation in America's trade wars with global competitors. These 25% tariffs apply to any country in the world that imports here. That includes allies.
This latest wave of tariffs will likely further impact the economy significantly. The tariffs that went into effect at midnight are the latest layer of punishment to countries that President Trump blames for drugs and a surge of migrants entering the United States.
Trump also says the tariffs are in an effort to even out trade deficits with other countries.
But many economists are concerned about the impact here at home. The stock market is in the midst of the sharpest decline the country has seen in years.
According to Satista, Canada is by far our top steel supplier, followed by Mexico, Brazil, South Korea and Vietnam.
