MEMPHIS, TN (WMC) - President Donald Trump imposed a 25 percent tariff on imported steel and a 10 percent tariff aluminum from the European Union, Canada, and Mexico.
The move triggered immediate retaliation from U.S. allies and protests from American businesses and farmers.
This could impact consumers in a major way, causing price hikes on everything from cars to beer, and also impacting those industries who make products using steel everyday
Workers at Memphis Wire and Iron Works depend on steel everyday to do their jobs. They said they have mixed feelings about Trump's recent tariff on steel and aluminum
They cut, fit, weld, paint, and deliver steel products like stairs and railings to major companies such as hotels owners. The company's president, Jim Stafford, said the tariff will make his products more expensive.
"We basically put the steel in as a cost of producing and shipping and selling, and we won't necessarily make any more money. The only way we make more money is if we buy the steel cheaper than we estimated it," he said.
The tariff is expected to have a positive impact on the American steel industry, but could hurt those that depend on cheaper steel and aluminum like construction and manufacturing.
WMC Action News 5 political analyst Michael Nelson said it could have a major impact on consumers as well.
"The one thing you can count on is that things are going to cost more," he said. "If you're buying a car, it's going to affect the price of those cars. It's going to cost people money at the cash register."
Meanwhile Stafford, who's been in the business more than 40 years, is hoping the tariff won't hurt his business too much.
"It's just the cost that we've got to pass on or we won't be here very long," he said.
Reports show the price effects from tariffs on consumers will likely start to happen next year.