How steel and aluminum tariffs will affect you [Video]

(CNN) – Secretary of State Marco Rubio is visiting Canada for the G-7 foreign ministers meeting just as the new steel and aluminum tariffs start.

The tariffs apply to all countries, but Canada is America’s top supplier of both metals.

Experts say these tariffs could also be a blow for U.S. businesses and consumers.

The 25% tariffs on all steel and aluminum imports could potentially hike some prices for American consumers.

U.S. businesses have to pay the tariffs when they import the metals. The cost to them could be substantial based on commerce department statistics.

The statistics show the U.S. imported more than $58 billion worth of aluminum, steel and iron last year.

“A tariff, for example, on a lot of Canadian exports is a tariff on U.S. companies who make cars in the U.S.,” Richard Clarida, the former vice chair of the Federal Reserve, said.

Many economists predict companies …