June 3rd, 2025
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President Trump's decision to double taxes on foreign steel and aluminum might significantly increase grocery prices for Americans. These materials are commonly used in product packaging, meaning many consumer goods could be affected by the 50% tax. Trade expert Usha Haley warns that these taxes could raise costs across different industries and put a strain on US relationships with allies. Trump has said that his many new taxes since returning to the White House are meant 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, from canned goods to drinks and pet food. Robert Budway, the president of the Can Manufacturers Institute, warns that this could benefit 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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