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.
The higher levies that took effect on Wednesday will result in additional costs of $52.6bn a year on steel and aluminium products, according to estimates by Boston Consulting Group.
The new rate takes the total expected costs on imports to $104bn, roughly double the $51.4bn impact forecast by the consultancy before Trump originally introduced a 25 per cent levy in March.
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