President Trump announced a doubling of steel import tariffs to 50% at a US Steel plant in Pennsylvania, aiming to further protect the domestic steel industry. This increase, however, could potentially lead to higher prices for steel-containing products.

Hiking tariffs could increase costs for American consumers and manufacturers of a variety of products, such as cars and homes, that use steel.

Trump said he would increase steel import tariffs to 50 percent, a move expected to impact U.S. manufacturers and trade relationships with Canada and China.