Trump doubled the tariffs, U.S. steel and aluminum prices skyrocketed.

After Trump announced this week that he will double the tariffs on steel and aluminum, futures prices tracking what American manufacturers pay for aluminum and steel have soared. Contracts linked to aluminum prices in the Midwest that are shipped to the US saw a 54% increase on the New York Mercantile Exchange, reaching the highest point since at least 2013. Prices for aluminum used in various materials from beer cans to engine blocks and window frames in the Midwest region are 58 cents per pound higher than the London benchmark contract, equivalent to $1,280 per ton, indicating that American buyers may ultimately have to pay around 50% more than international competitors for this metal. COMEX steel futures rose more than 8% in early trading on Monday, although liquidity in both contracts is relatively low, their trends suggest that the tariff burden will have the most severe impact on the American aluminum market. Morgan Stanley data shows that over 80% of the aluminum used in the US comes from imports.