New tariffs could force up price of beer, soda, baseball bats, and new cars
Cans Cars Bats stock images from Flickr users Jason Lawrence, Valerie Everett and Maclogue
WASHINGTON (Fox News) - New tariffs might mean you will have to pay more for beer, soda, baseball, and new cars.
President Trump surprised most of his own staff by announcing that he would impose new import tariffs of 25% on steel and 10% on aluminum on Thursday.
Toyota warns that the move will substantially raise costs and shoot up the prices of cars and trucks sold in America.
Aluminum cans of soda pop and beer, and baseball bats will also become more expensive if companies pass off their increased aluminum costs on to consumers.
The White House is expected to formally announce the new tariffs in the coming days.
The DOW, S&P 500 and the NASDAQ all fell sharply after Trump's announcement.