Hey amigos! 💸 Noticed prices climbing at the store? One big reason: the US has just doubled its tariffs on steel and aluminum to 50%—and it’s not just the raw metal getting hit.
On Monday, the US Department of Commerce updated the Harmonized Tariff Schedule, adding 407 product codes to cover items with steel or aluminum parts. Think bike frames, kitchen tools and more—basically anything with a metal twist is now pricier.
These levies first kicked off on February 1 for imports from Mexico, Canada and the Chinese mainland. As of August 12, Reuters tracked at least 333 companies worldwide adjusting their game plan—raising prices, tweaking supply chains or swallowing the extra costs.
A Goldman Sachs research team estimates that by June, US consumers had already paid 22% of the tariff bill. If this trend continues, that share could rocket to 67% by October. Translation: higher tags on cars 🚗, smartphones 📱 and everyday goods.
So, what can you do? Compare prices, hunt for deals and explore alternative brands to keep your budget in check. For business pros and students, this is a front-row seat to how trade policies shape markets and consumer costs.
Understanding these shifts now will help you navigate rising costs and make smarter choices ahead. Stay curious and keep an eye on global trade moves! 🔍🌎
Reference(s):
US consumers bear high costs as expanded tariffs take effect
cgtn.com
