Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

US import costs of steel and aluminium, used in everything from baseball bats to cars and aircraft parts, are expected to rise by more than $100bn after Donald Trump raised tariffs on the metals to 50 per cent this week.

U.S. President Donald Trump’s 50% tariffs on imported steel and aluminum took effect early Wednesday. So what’s the current state of all the Trump levies?

Marketplace has been following Lei’s business since 2018, just before President Trump imposed tariffs in his first term. Not only did his business survive the extra levies, but Lei said the percentage of his sales to the U.S. went up from 50% in 2018 to 70% at the start of this year.

U.S. President Donald Trump and Chinese leader Xi Jinping spoke on Thursday at a time when stalled tariff negotiations between their two countries have roiled global trade.

President Donald Trump announced Friday that U.S. officials will meet with their Chinese counterparts in London on Monday to discuss trade. The United States and China have been at a trade impasse since signing a 90-day tariff ceasefire in May.