MINNEAPOLIS — A new round of tariffs went into effect Wednesday morning that raised the tariff on imported steel and aluminum to 50%.
Business analysts say the tariff could affect a variety of industries, including construction, appliances, automakers, and electronics.
At Steve’s Appliances in Mounds View, nearly every item in their showroom is made of metal.
“There is obviously a lot of metal, aluminum, steel, stainless steel here,” manager Brian Hoverman says.
So far, Hoverman says appliance manufacturers have absorbed a lot of the extra cost from the previously passed tariffs.
He says the prices have gone up by about three to eight percent so far, depending on the company and where their manufacturing facility is located.
“A lot of companies are asking themselves, can we absorb th