June 3rd, 2025
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President Trump's choice to double taxes on imported steel and aluminum might significantly increase grocery prices for Americans. Because these materials are often used in product packaging, many consumer goods could be affected by the 50% tax. Trade expert Usha Haley warns that these taxes could raise costs in different industries and make US relationships with its allies difficult. Trump has said that the many taxes he has put in place 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, 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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