Steel and aluminum are essential for high-rise construction, and are often cheaper to produce in countries like China, Mexico or Canada, one expert said.

Imported steel and aluminum already subject to a 25% tariff are excluded from President Trump's new levies, providing some relief for metal buyers that would have faced significantly higher prices, but the new tariffs nevertheless will raise the cost of raw materials for steelmakers that operate electric arc furnaces,

With the 25% tariff on aluminum and steel, it’s costing more to produce a key element in most funerals. On March 12, the 25% tariff on steel and aluminum went into effect. President Donald Trump imposed the tariffs with a goal of leveling the playing field for American manufacturers and boosting U.

China will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following U.S.

The EU’s retaliatory tariffs will hit US products including meat, wine and clothing as well as chewing gum, vacuum cleaners and toilet paper.

The trade war initiated by President Trump is plunging the global market into a downward spiral. Analysts point out that the asymmetric nature of the conflict, with the U.S. contending with numerous countries while they primarily challenge only the U.