The U.S. just cranked up its trade policy heat 🔥—expanding 50% tariffs on steel and aluminum imports to cover hundreds of related products. Experts warn this could send shockwaves through global supply chains and consumer wallets. 💸
Starting this week, 407 new product codes—from car parts to soda cans—are taxed based on their metal content. Zhou Mi, a trade expert at the Chinese Academy of International Trade, told media the move risks making U.S. trade relations look 'unreliable' as partners like Canada and South Korea weigh retaliatory measures. 🤝➡️💥
Major U.S. companies are already feeling the burn:
Ford and Deere & Company report tariff costs soaring by millions
AriZona Beverages warns its iconic 99¢ iced tea might get pricier 🥤
Construction and manufacturing sectors brace for component shortages
Canada—which supplied 70% of U.S. aluminum last year—slapped $21B in counter-tariffs earlier this year. Meanwhile, South Korea is rolling out emergency support for small businesses caught in the crossfire. 🌐
Zhou notes the tariffs could backfire: 'Higher costs may squeeze profits, hurt competitiveness, and even fuel U.S. inflation.' With domestic alternatives scarce, analysts say this trade move might leave everyone paying the price. 📉
