Tariffs Cost

Doubling tariffs on imported steel will raise cost of the metal when Iran war is already inflating steel and concrete pricesOne of HS2’s biggest contractors has warned the government that raising tariffs on foreign steel imports will “exacerbate” cost pressures for the UK construction industry, amid growing concern over the £100bn railway’s rising budget.Ministers said last week they would double the tariffs on imported steel and slash the amount that can be bought from overseas, in an attempt to save Britain’s struggling steelmakers. Continue reading...

Democratic leaders project that President Trump's proposed tariffs on imports will increase costs for the typical American family by more than $2,500 per year, exacerbating affordability challenges amid midterm election debates. The estimate factors in higher prices for consumer goods, with critics linking it to broader economic policies including energy waivers. GOP supporters counter that tariffs protect domestic industries and jobs, though polls show voter concerns over inflation. This fiscal warning intensifies partisan divides as Congress considers related legislation.

A Friday report from congressional Democrats highlights that President Trump's tariffs, enacted after Supreme Court invalidation of prior measures, could impose over $2,500 in annual costs on average U.S. households amid efforts to replace lost federal revenue. The analysis critiques the policy as regressive, exacerbating affordability pressures from recent economic strains like energy prices. Trump administration officials defend the tariffs as essential for domestic industry protection and national security. The report fuels midterm election debates on fiscal policy as Democrats push alternative revenue strategies.