**Washington**: The Trump administration imposes a 25% tariff on steel and aluminium imports, starting March 12, 2025, targeting major suppliers including Canada. Economists warn of rising consumer prices across various sectors reliant on these metals.
The Trump administration has announced a significant increase in duties on steel and aluminum imports, imposing a 25% tariff on these metals starting from March 12, 2025. This move primarily targets key trading partners, notably Canada, which is the largest supplier of foreign steel to the United States and accounts for over half of the country’s aluminium imports. Other countries affected by this tariff include Mexico, Japan, and South Korea, all of which are substantial exporters of steel to the U.S.
The implications of these tariffs extend beyond just the steel and aluminium industries. According to a report by MedTech Dive, medical device companies often depend on overseas sourcing for their operations. While some of these companies may manufacture devices within the U.S., they typically rely on imported raw materials and components. As a result of the newly imposed tariffs, economists predict that manufacturers may respond by passing on the increased costs to consumers. This could lead to rising prices for a broad range of products, including machinery, infrastructure components, medical devices, and power lines.
The economic landscape in the U.S. could be impacted significantly as a result of these tariffs, with a ripple effect that touches various sectors reliant on steel and aluminum. This policy is expected to provoke responses from industry leaders and economists alike, as the full extent of its ramifications unfolds in the coming months.
Source: Noah Wire Services
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