Donald Trump raises steel and aluminum tariffs to 50%: Will higher levies affect US industry? What's next

US President Trump has escalated tariffs on steel and aluminum imports to 50%, aiming to bolster the domestic steel industry. However, sectors like housing, automotive, and canned goods are bracing for price hikes. While US steelmakers anticipate job creation, foreign producers, especially Canada, face challenges. Automakers warn of disadvantages, and homebuilders foresee increased construction costs, impacting affordability for consumers.