BREAKING NEWS Officer-involved shooting at Verona Convenience Store Full Story

What aluminum and steel tariffs will mean to you

The tariffs on steel and aluminum imposed on imports from Canada, Mexico and Europe - and the promised retaliation fr...

Posted: May 31, 2018 4:39 PM
Updated: May 31, 2018 4:39 PM

The tariffs on steel and aluminum imposed on imports from Canada, Mexico and Europe - and the promised retaliation from these key US trading partners - will ripple across the American economy.

You could be affected regardless even if your business has nothing to do with rolls of aluminum or slabs of steel.

First, the price of some products that everyone buys will probably go up.

Both metals are crucial raw material for autos, airplanes and appliances made in the United States. The construction, oil and utility industries use them for beams, pipelines and wires, as well as cans for food and drinks.

Related: Trump hits Canada, Mexico, EU with steel and aluminum tariffs

It's not clear how much imports will fall if Trump follows through with the tariffs. Experts say it's not clear that the existing American industry can supply all the steel and aluminum now imported from abroad, since restarting closed factories will be difficult, expensive and could take years in some cases.

That means that manufacturers might have to keep importing these materials and pay the tariffs. That will raise their costs, making their products less profitable, or if they raise their prices, less competitive.

Even if an American manufacturer buys from domestic steel mills or aluminum smelters, those companies could hike their prices since they won't have to worry about as much competition from low-priced imports.

Related: Trump is starting a global trade war

Beyond that, the trade dispute with these major partners isn't likely to stop with these products.

Mexico and the EU have already pledged to retaliate against American products with their own tariffs.

For example when the steel and aluminum tariffs were first announced in March, Europe signaled it was prepared to take action aimed at Harley-Davidson motorbikes, bourbon whiskey and Levi's jeans in retaliation. Farmers could also be hit by tariffs imposed on food exports.

Tariffs will probably also hurt the value of your 401(k), since a trade war is typically bad news for American stocks. The Dow was down more than 200 points midday Thursday.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 261167

Reported Deaths: 5713
CountyCasesDeaths
DeSoto17561191
Hinds16687329
Harrison14050202
Rankin11102217
Jackson10729188
Lee9014143
Madison8495168
Jones6607114
Forrest6135122
Lauderdale6067192
Lowndes5490120
Lafayette511794
Lamar499865
Washington4904125
Bolivar4087109
Oktibbeha403581
Panola380981
Pontotoc374757
Monroe3651106
Warren3649103
Union353263
Marshall352069
Neshoba3464154
Pearl River3422105
Leflore3090109
Lincoln304287
Sunflower290373
Hancock288461
Tate279062
Alcorn270754
Pike268180
Itawamba266662
Scott256048
Yazoo253756
Prentiss251153
Copiah247649
Tippah247550
Coahoma245954
Simpson241471
Leake236167
Grenada222471
Marion220273
Covington219072
Adams212370
Wayne208432
Winston205870
George203539
Newton197346
Attala196461
Tishomingo193861
Chickasaw188444
Jasper177838
Holmes171368
Clay164237
Tallahatchie155635
Stone149525
Clarke144762
Calhoun139922
Smith127725
Yalobusha121134
Walthall114037
Greene112929
Noxubee112225
Montgomery111236
Carroll106422
Lawrence105617
Perry104031
Amite100826
Webster95424
Tunica88221
Claiborne87825
Jefferson Davis87727
Benton84823
Humphreys84224
Kemper80020
Quitman7049
Franklin69617
Choctaw62513
Wilkinson59625
Jefferson56520
Sharkey44817
Issaquena1606
Unassigned00

Alabama Coronavirus Cases

Cases: 436087

Reported Deaths: 6486
CountyCasesDeaths
Jefferson63969994
Mobile31211565
Madison27851208
Tuscaloosa21233271
Montgomery19698326
Shelby19093130
Baldwin16981188
Lee13036105
Morgan12526134
Etowah11987179
Calhoun11441206
Marshall10357123
Houston8886158
Limestone827876
Cullman8203108
Elmore8120104
DeKalb7828103
Lauderdale7798103
St. Clair7763125
Talladega6394111
Walker6002177
Jackson594644
Colbert545276
Blount543986
Autauga532761
Coffee456762
Dale406883
Franklin372448
Russell349212
Chilton342873
Covington336068
Escambia330144
Dallas312096
Tallapoosa3120107
Chambers301170
Clarke293336
Pike261131
Marion251558
Lawrence250752
Winston232742
Bibb221248
Geneva208746
Marengo206529
Pickens199031
Hale182742
Barbour179337
Fayette177029
Butler172459
Cherokee164330
Henry158224
Monroe151320
Randolph144336
Washington140127
Clay129146
Crenshaw122944
Macon120937
Cleburne120724
Lamar119721
Lowndes113736
Wilcox106622
Bullock102228
Perry99118
Conecuh96821
Sumter90026
Greene76823
Coosa63215
Choctaw51724
Out of AL00
Unassigned00
Tupelo
Cloudy
52° wxIcon
Hi: 57° Lo: 33°
Feels Like: 52°
Columbus
Cloudy
50° wxIcon
Hi: 58° Lo: 37°
Feels Like: 50°
Oxford
Cloudy
48° wxIcon
Hi: 54° Lo: 31°
Feels Like: 48°
Starkville
Cloudy
46° wxIcon
Hi: 56° Lo: 37°
Feels Like: 46°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather