Trump tariffs live updates: Trump rethinks bigger tariffs on Canadian metals after Ontario suspends energy surcharge

The escalating trade tensions and introduction of high tariffs, particularly on metals and agricultural products, may lead to increased production costs for manufacturers. As these costs are likely to be passed onto consumers, inflation pressures could rise, potentially affecting overall economic growth. Airlines and consumer goods sectors, especially, may see weaker performance due to reduced spending by consumers apprehensive about rising prices.

Tariffs on steel and aluminum imports are likely to benefit domestic producers like U.S. Steel Corp. which could see increased prices and demand for their products. This could strengthen their market position despite the overall economic uncertainty.

Similarly, Cleveland-Cliffs Inc., a significant player in the steel production market, stands to benefit from heightened tariffs pushing up prices of imported steel, leading to potential revenue gains as they fulfill demand domestically at higher margins.