President Trump's announcement that he plans to impose a 25% tariff on steel imports and 10% on aluminum is reverberating not just in the US but around the world in the form of jittery stock markets and worries about a trade war. A look at what's going on:
- Beer, autos: In theory, the move could make things such as beer, autos, and even baseball bats—essentially, anything made with the metals—more expensive, reports CNN. But as the Upshot blog of the New York Times explains, how much of a price increase is unclear. "If your favorite beer producers are looking at paying an extra fraction of a cent for each aluminum can, they might just take on the cost themselves, they might raise prices, or they might split the difference."
- Biggest suppliers: Brazil, Canada, and South Korea supplied the most steel to the US last year, while Canada, Russia, and the United Arab Emirates were the leaders in aluminum in 2016, per CNBC. One economist warned of "surgical strikes" in retaliation, meaning counter-tariffs on specific products.