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.

President Donald Trump wrote in his executive order the higher tariffs would “more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the

Home builders, car manufacturers and can makers are among those that will see higher prices for materials. Those companies could charge customers more.