Keith Johnson
U.S. President Donald Trump’s bigger and more expansive tariffs on steel and aluminum imports went into effect Wednesday, adding to the woes of U.S. businesses and consumers already struggling with rising prices for inputs and raw materials, falling consumer confidence, and signs of an incipient, self-inflicted recession.
While the tariffs aren’t as draconian as those Trump threatened for a few hours on Tuesday, which caused U.S. stock markets to drop again, they were enough to intensify the global trade war that Trump has promised to accelerate even further. The tariffs target all imports of steel and aluminum—and products derived from both—with 25 percent import duties. And, in a shift from his first term, Trump has said he won’t make exceptions for any countries.
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