Here’s Where Prices Could Rise Under Steel, Aluminum Tariffs | Global News Avenue

If you plan to buy a new home or car, President Donald Trump’s latest tariff Price tag can be increased.

On Monday, Trump announced 25% tariff on steel and aluminum imports This will take effect on March 12. The move could affect the price of items made from these materials including homes, cars and kitchen utensils.

Imports account for 23% of the U.S. steel market in 2024, according to the U.S. Institute of Steel. Imports account for a larger share of the U.S. aluminum market, half of which comes from Canada, according to a 2022 report by the Congressional Research Services (CRS).

The largest users of steel include the construction industry, which consumes 47% of U.S. steel. The automotive industry accounts for 25% of domestic steel use. Go to the Tax Foundation. Similarly, CRS found transportation equipment, packaging and construction to be the main uses of aluminum imports.

Houses may become more expensive

The National Association of Home Builders said Trump’s tariff proposal could have an impact on the housing industry because of steel and aluminum used during the construction process.

“Tariffs on building materials raise the cost of housing and consumers end up paying the tariffs in the form of higher housing prices,” NAHB said.

Construction is not the only industry where import tax can be felt. Other steel-dependent products include household appliances, construction equipment, agricultural machinery, batteries and military vehicles, Econofact said.

Cars are OK

Automotive and auto parts production is another industry that may face rising metal tariff prices. At Tuesday’s auto conference, Ford (f) CEO Jim Farley warned that tariffs could have a huge impact on automakers.

“We’re seeing a lot of costs, a lot of chaos,” Farley said, according to reports.

Auto parts manufacturers are also concerned about the impact of tariffs on industries that rely on stable raw material supply.

“Many of the specialty steel products used in our industry are not readily available from domestic sources and therefore global supply chains are available. U.S. manufacturers are in a disadvantaged position to compete, making it more difficult to compete in both domestic and international markets.” Representative Automotive Manufacturing Bill Hanvey, chairman and CEO of the Car Care Association of Commerce, said.

Less obvious costs may rise

Construction companies and automakers are not the only industries that can feel the import tax. According to EconoFact, other products that rely on steel include household appliances, construction equipment, agricultural machinery, batteries and military vehicles.

Tariffs can also increase costs in smaller ways, such as the canned cost of your favorite soda. Trump’s first establishment Tariffs on steel and aluminum imports in 2018Coca-Cola said import tax increases the cost of manufacturing canned food and leads to higher consumer prices for its products.

Although Coca-Cola CEO James Quincey said Tuesday that tariffs are unlikely to have a significant impact on canned prices, the beverage giant may move more plastic soda when the import tax comes into effect.