Xinhua News Agency: Downstream Suffering, Wallets "Bleeding" — U.S. Steel and Aluminum Tariffs Double Spark Industry Criticism

The White House recently announced that it will raise the tariffs on steel and aluminum products imported from all trading partners except the UK from the current 25% to 50%. This move has drawn criticism and opposition from multiple countries, with many economists and individuals in the downstream steel industry in the United States stating that, in the long run, doubling the steel and aluminum tariffs will cause the greatest loss to the U.S. economy itself. Prices will inevitably rise for everything from paper clips, nails, and beer to household appliances, sports equipment, cars, and homes, ultimately harming the American public and the U.S. economy