June 3rd, 2025
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President Trump's decision to double taxes on imported steel and aluminum could significantly increase grocery prices for Americans. These materials are commonly used in product packaging, meaning many consumer goods might be affected by the 50% tax. A trade expert, Usha Haley, warns that these taxes could raise costs across different industries and put a strain on the US's relationships with its allies. Trump has stated that these taxes, which he introduced after returning to the White House, are intended to protect the US steel industry. However, this could go against his promise to lower food costs. The new taxes on steel and aluminum might affect many products, including canned goods, beer, soda, and pet food. Robert Budway, president of the Can Manufacturers Institute, warns that this could benefit foreign canned food producers who are willing to sell their products at lower prices than American farmers and food producers.
June 3rd, 2025
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