The pain won’t just be felt by foreign steel and aluminum plants. The tariffs will likely drive up costs for American companies that use the metals, such as automakers, construction firms and beverage makers that use cans. The threats to the economy have rattled stock markets.

It will not be the f irst time Trump has placed tariffs on steel and aluminum, both of which are crucial for industries like construction and manufacturing. In 2018, during his first term, Trump imposed a 25% tariff on steel and a 10% tariff on aluminum imports.