US President Donald Trump's announcement of 25% tariffs on steel and aluminum imports is seen as a step to boost domestic production but is met with skepticism from economists. Critics argue the measure could lead to higher production costs for industries reliant on these metals, notably automotive and construction. As these costs potentially pass onto consumers, particularly low-income Americans, it may exacerbate inflation concerns. Experts warn that the intended benefits of these tariffs may not mitigate the broader economic impact on consumers.
The literature on this [tariffs] is abundantly clear; tariffs mean major losses, for all parties involved.
Low-income Americans, who in large measure voted for Trump, will experience the most harm from all of these tariffs.
If the price of an auto goes up by $1,000, your family just won't be able to buy one.
The beginning of making America rich again, said Trump, as he announced the new tariffs on steel and aluminum.
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