U.S. President Donald Trump's 50% tariffs on most imported steel and aluminum went into effect on Wednesday, an increase from previous 25% rate that had been in place.

American steelmakers will most likely be able to charge higher prices as demand for domestic sources of metal increase. But the broader economy is likely to suffer.

U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,