June 3rd, 2025
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President Trump's choice to double taxes on imported steel and aluminum might significantly increase food prices for Americans. Because these materials are commonly used in product packaging, many everyday goods could be affected by the 50% tax. Trade expert Usha Haley warns that these taxes could raise costs in different industries and put a strain on the US's relationships with its allies. Trump has said his many taxes since returning to the White House are a way to protect the US steel industry; however, this might go against his promise to lower food costs. The new taxes on steel and aluminum could affect many products, such as canned goods, beer, soda, and pet food. Robert Budway, who is the president of the Can Manufacturers Institute, warns that this could help foreign canned food producers who are willing to sell their products for less than American farmers and food producers.
June 3rd, 2025
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