Trump increases tariffs on steel and aluminum, likely to raise consumer prices

The Trump administration expanded tariffs on steel and aluminum imports on Monday.

The move adds a 5% tariff rate on more than 400 goods with steel and aluminum components.

This follows President Trump's announcement from May, doubling tariffs on those imported metals in an effort to protect domestic producers.

"We're going to bring it from 25% to 50%, the tariffs on steel into the United States of America," President Trump said at the time.

The expanded tariffs impact wires and cables, and other parts used in home appliances, electronics and cars.

"Anything that takes a big amount of those raw materials as inputs, so cars, refrigerators, toaster ovens, soda cans, are certainly going to be affected," said Columbia University Business School professor Rita McGrath. "And where the avera