Last June, President Trump imposed a 50% tariff on steel and aluminum imports. However, aluminum prices have soared by 24% since then, while steel has risen about 4%, heightening an affordability crisis faced by many Americans.
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Forget margin or options. Here's how the pros trade QQQNow, the Trump administration is planning to dial back these tariffs, starting with a duty exemption on some steel and aluminum products, according to the Financial Times. In addition, the administration will conduct narrower national security investigations into specific products that could face tariffs, a move that contrasts with its previous sweeping approach.
Americans Pay for 90% of Trump’s Tariffs, Says New York Fed
Sources told the FT that the Commerce Department believes current tariffs have affected consumers, raising the prices of products including drink cans and pie tins.
The news comes amid a study from the New York Fed, which found that Americans are paying for 90% of the increased costs from tariffs. The average tariff rate on U.S. imports has risen to 13% from 2.6%, although exporters aren’t absorbing those costs. Instead, they have kept prices steady, while importers have passed on higher costs to consumers.