US factories likely to feel the pain from Trump’s steel and aluminum tariffs WSOC TV [Video]

WASHINGTON — (AP) — President Donald Trump is again lashing out at three of his biggest irritants: foreign steel, foreign aluminum and Canada.

The Trump administration on Wednesday will effectively plaster 25% taxes – tariffs – on all steel and aluminum imports. The president said on Tuesday that the U.S. would double the forthcoming levy on the two metals to 50% if they come from Canada — but pulled back on the threat by the afternoon after the province of Ontario suspended its plans for retaliatory tariffs.

The pain won’t just be felt by foreign steel and aluminum plants. The tariffs will likely drive up costs for American companies that use the metals, such as automakers, construction firms and beverage makers that use cans. The threats to the economy have rattled stock markets.

“Unilateral tariffs will raise prices, cost American jobs, and strain alliances,” Philip Luck and Evan Brown of the Center for Strategic and International Studies wrote in a report last …