Trump increases steel and aluminum tariffs to boost U.S. manufacturing
President Trump has increased tariffs on steel and aluminum imports, now set at 25%, removing previous exemptions. This move aims to boost U.S. manufacturing but may lead to higher prices for consumers and businesses. The tariffs affect major steel suppliers like Canada and Mexico, raising concerns about inflation. While steel companies' stock prices rose, manufacturers relying on these materials, such as automakers, saw declines. Trump plans further tariffs on computer chips, autos, and pharmaceuticals, claiming they will create jobs in U.S. manufacturing. However, past tariffs have not consistently delivered the promised economic benefits.