The 50% steel and aluminum tariffs could lead to higher prices on everything from cars to home and office supplies.

U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.

President Trump doubles steel and aluminum tariffs to 50% starting June 4 to protect U.S. industries and national security.

President Trump’s steel and aluminum tariffs doubled Wednesday to 50 percent, a dramatic move aimed at protecting U.S. industries but one that economists say could increase prices for American consumers.

The White House confirmed Tuesday that U.S. President Donald Trump will follow through on his announced plan to double tariffs on foreign steel and aluminum imports to 50 per cent, with the increase set to take effect Wednesday.

President Trump signed an order Tuesday doubling tariffs on steel and aluminum imports from 25% to 50% for al trading partners except the U.S. — drawing swift criticism from officials in neighboring Canada and Mexico.

The increased tariff hike on steel and aluminum are likely to impact consumers and companies financially given that many products like refrigerators and washing machines are made using these metals.

The president first announced the doubling of tariffs on aluminum and steel at a rally in Pennsylvania last week.

(AP Photo/Julia Demaree Nikhinson) 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, and likely ...