In the days and weeks after President Donald Trump slapped 25 percent tariffs on imported steel and aluminum, it was widely reported that American steel-consuming companies were bracing for higher prices. Some said they were already seeing those higher prices reflected in contracts to purchase steel from suppliers, but no one was sure how significant those price increases would turn out to be.
Now, a little more than six weeks since the tariff announcement, we have a better picture of the consequences of Trump’s trade policy. It looks like this:
This chart—published by SteelBenchmarker, a firm that tracks the price of the commodity across different markets—shows the average price (in dollars per metric tonne) of hot-rolled band (HRB), one of the most commonly used types of steel. The dark blue line represents the United States’ average price, while the light blue represents the price of steel produced in Western Europe, the red line represents China, and the pink line shows what SteelBenchmarker refers to as the “World Export” market: steel produced in other places, including Japan and South Korea.