Trump doubles down on steel, aluminum tariffs
The Trump administration just ramped up its trade game, slapping a hefty 50% tariff on over 400 imported goods—think steel, aluminum, and auto parts.
The goal? Push more manufacturing back to the US.
The original tariffs on finished goods were imposed in March, with a major expansion to 400+ items (at 50%) announced August 15 and are now a big part of Trump's strategy to boost American industry.
Ford expects costs to jump by $2 billion this year alone
US steelmakers like Cleveland-Cliffs are happy about the move, but companies that depend on imports (like Ford) are feeling the pinch—Ford expects costs to jump by $2 billion this year alone.
To help out, the government is looking at possible relief options like expanding tariff rebates for automakers.
Legally, these tariffs stand on solid ground thanks to Section 232 of the Trade Expansion Act of 1962, which lets the government act if imports threaten national security—even if some trading partners or industries push back in court.