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Snapshot 7:Wed, Jun 4, 2025 7:11:16 PM GMT last edited by Brian

US Doubles Steel, Aluminum Tariffs to 50% Amid Trade War

US Doubles Steel, Aluminum Tariffs to 50% Amid Trade War

Above: President Donald Trump applauds as he comes to address at US Steel - Irvin Works in West Mifflin, Pennsylvania, on May 30, 2025. Image copyright: Saul Loeb/Contributor/AFP via Getty Images

The Spin

Doubling steel tariffs will devastate manufacturing jobs and raise costs for consumers across multiple industries. For every steel job saved, dozens are lost in sectors like automotive and construction that depend on affordable metals. This protectionist approach hurts the broader economy while benefiting a few steel barons.

ThereTrump's istariffs ahave 50%already chancebegun thatto thework, effectiveand USthis tarifflatest ratemove onwill goodsdo beingthe importedsame. intoSurveys theshow United90% Statesof willfirms beplan 9to reshore, boosting local economies.37% atRecent thestudies endalso report thousands of 2026,new accordingmanufacturing toand theauto Metaculusjobs predictionafter communitytariffs. Investments like Hyundai's billions signal confidence. Short-term price hikes pale against long-term gains in economic independence.

Metaculus Prediction

There is a 50% chance that the effective US tariff rate on goods being imported into the United States will be 9.37% at the end of 2026, according to the Metaculus prediction community.


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