President Donald Trump talks to workers as he tours U.S. Steel Corporation’s Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pa. (AP Photo/Julia Demaree Nikhinson)

NEW YORK – President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers.

Foreign-made steel and aluminum is used in household products like soup cans and paper clips as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that the latest tariffs will significantly squeeze the wallets of both companies and shoppers alike.

Here’s what we know.

What has the tariff rate on imported steel and alu

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