• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

College-educated women are snapping up the highest-earning men without college degrees, leaving the rest further behind

2

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'

3

An 11-year-old is cleaning his neighbors' trash cans for $10 each—he now has 100K followers as teens face the worst summer job market since 1948

1

College-educated women are snapping up the highest-earning men without college degrees, leaving the rest further behind

2

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'

3

An 11-year-old is cleaning his neighbors' trash cans for $10 each—he now has 100K followers as teens face the worst summer job market since 1948
Politics

Spike in steel tariffs could imperil Trump promise of lower grocery prices

By
Matt Sedensky
Matt Sedensky
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Matt Sedensky
Matt Sedensky
and
The Associated Press
The Associated Press
Down Arrow Button Icon
June 1, 2025, 11:10 AM ET
President Donald Trump tours U.S. Steel Corporation's Mon Valley Works-Irvin plant in West Mifflin, Pa., on Friday.
President Donald Trump tours U.S. Steel Corporation's Mon Valley Works-Irvin plant in West Mifflin, Pa., on Friday.Julia Demaree Nikhinson—AP Photo
Add Fortune on Google for similar content.

President Donald Trump’s doubling of tariffs on foreign steel and aluminum could hit Americans in an unexpected place: grocery aisles.

Recommended Video

The announcement Friday of a staggering 50% levy on those imports stoked fear that big-ticket purchases from cars to washing machines to houses could see major price increases. But those metals are so ubiquitous in packaging, they’re likely to pack a punch across consumer products from soup to nuts.

“Rising grocery prices would be part of the ripple effects,” says Usha Haley, an expert on trade and professor at Wichita State University, who added that the tariffs could raise costs across industries and further strain ties with allies “without aiding a long-term U.S. manufacturing revival.”

Trump’s return to the White House has come with an unrivaled barrage of tariffs, with levies threatened, added and, often, taken away, in such a whiplash-inducing frenzy it’s hard to keep up. He insisted the latest tariff hike was necessary to “even further secure the steel industry in the U.S.”

That promise, though, could be at odds with his pledge to reduce food costs.

Rising grocery prices, Trump has said, were among the biggest reasons voters swung his way. A look around a supermarket makes clear how many products could be impacted by new taxes on steel and aluminum, from beer and soda to dog food to can after can of beans, fruit, tomato paste and more.

“It plays into the hands of China and other foreign canned food producers, which are more than happy to undercut American farmers and food producers,” insists Can Manufacturers Institute president Robert Budway. “Doubling the steel tariff will further increase the cost of canned goods at the grocery store.”

Budway says production by domestic tin mill steel producers, whose products are used in cans, have dramatically decreased in recent years, making manufacturers reliant on imported materials. When those prices go up, he says, “the cost is levied upon millions of American families.”

Food companies were already warily assessing the administration’s tariffs before the latest hike, which Trump said would go into effect on Wednesday. The Campbell Co., whose soup cans are a staple for millions of Americans, has said it was working to mitigate the impact of tariffs but may be forced to raise prices. ConAgra Brands, which puts everything from cans of Reddi-Whip to cooking sprays like Pam on supermarket shelves, likewise has pointed to the impact steel and aluminum tariffs have.

“We can’t get all of our materials from the US because there’s no supply,” ConAgra CFO David Marberger said at a recent Goldman Sachs conference on global staples.

Beyond the obvious products — canned foods like tuna, chicken broth and cranberry sauce — economists warn of a spillover effect that tariffs can have on a gamut of items. If the cost to build a store or buy a truck to haul food rise, the prices of products may follow.

Most Americans will never buy a tractor, but Babak Hafezi, who runs a global consulting firm and teaches international business at American University, says a price spike in such a big-ticket item vital to food production will spill down to all sorts of other items.

“If a John Deere tractor costs 25% more, consumers pay the price for that,” Hafezi says. “This trickles down the economy and impacts every aspect of the economy. Some of the trickling is immediate and others are slower to manifest themselves. But yes, prices will increase and choices will decrease.”

Trump appeared before a crowd of cheering steelworkers to unveil the new tariffs at a rally outside Pittsburgh. In a statement, David McCall, president of the United Steelworkers International union, called tariffs “a valuable tool in balancing the scales” but “wider reforms of our global trading system” are needed.

It may be harder to gauge the weight of tariffs on, say, a can of chickpeas versus that of a new car, but consumers are likely to see myriad indirect costs from the levies, says Andreas Waldkirch, an economics professor at Colby College who teaches a class on international trade.

“Anybody who’s directly connected to the steel industry, they’re going to benefit. It’s just coming at a very high cost,” Waldkirch says. “You may get a few more steel jobs. But all these indirect costs mean you then destroy jobs elsewhere. If you were to add that all in, you come up with a pretty large negative loss.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Matt Sedensky
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Politics

U.S. to reopen border to Mexican cattle imports after screwworm ban
North AmericaMexico
U.S. to reopen border to Mexican cattle imports after screwworm ban
By The Associated PressJuly 27, 2026
3 hours ago
U.N. chief urges global support for Syria during first Damascus visit since Assad’s fall
North AmericaSyria
U.N. chief urges global support for Syria during first Damascus visit since Assad’s fall
By GHAITH ALSAYED and The Associated PressJuly 27, 2026
3 hours ago
f
Environmentclimate change
‘It looked like the apocalypse’: France’s summer of deadly heat turns into a wildfire that is making its own lightning
By Mark Carlson, Emma Da Silva, John Leicester and The Associated PressJuly 27, 2026
5 hours ago
trump
CommentaryMarkets
In the Age of Big Players, $100,000 buys you a head start on Trump’s mood
By Steve H. Hanke and Roger KopplJuly 27, 2026
5 hours ago
bibi
PoliticsNew York City
Netanyahu accuses Mamdani of ‘fomenting hate,’ saying ‘he’s supposed to the mayor of all New Yorkers’ — waving off ICC war crimes charges
By Lisa Mascaro and The Associated PressJuly 27, 2026
5 hours ago
t
LawTariffs
Small businesses immediately sue Trump over new tariff regime
By Mae Anderson and The Associated PressJuly 27, 2026
5 hours ago

Most Popular

College-educated women are snapping up the highest-earning men without college degrees, leaving the rest further behind
Economy
College-educated women are snapping up the highest-earning men without college degrees, leaving the rest further behind
By Mia OsmonbekovJuly 26, 2026
1 day ago
The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
Real Estate
The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
By Nick LichtenbergJuly 25, 2026
2 days ago
An 11-year-old is cleaning his neighbors' trash cans for $10 each—he now has 100K followers as teens face the worst summer job market since 1948
Success
An 11-year-old is cleaning his neighbors' trash cans for $10 each—he now has 100K followers as teens face the worst summer job market since 1948
By Orianna Rosa RoyleJuly 25, 2026
2 days ago
I've been teaching college students for decades. Most of them can no longer finish a book
Commentary
I've been teaching college students for decades. Most of them can no longer finish a book
By Austin SaratJuly 26, 2026
1 day ago
New York City women are making up to $30,000 per month by renting out their closets to strangers
Retail
New York City women are making up to $30,000 per month by renting out their closets to strangers
By Sarah GlodekJuly 27, 2026
10 hours ago
A Hims cofounder fired his marketing agency for an AI-powered team. Now his 24/7 online vet service is growing 20% a month
Success
A Hims cofounder fired his marketing agency for an AI-powered team. Now his 24/7 online vet service is growing 20% a month
By Sydney LakeJuly 25, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.