Trump tariffs on steel and aluminum will be a blow to the construction industry

The president today announced he would subject imports of the two metals to 25 percent and 10 percent tariffs respectively.

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Following pledges made during his 2016 campaign and again as president, Donald Trump on Thursday announced a long-promised initiative to impose stiff tariffs on imports of aluminum and steel to the U.S., an aggressive policy stance that instantly sent the Dow tumbling 500 points while causing construction leaders and housing analysts to brace for the worst. Short on details and far from a done deal, the trade measure as outlined on Thursday would impose tariffs of 25 percent on steel and 10 percent on aluminum, raising the price of everything from canned beer and soda to automobiles and housing, not least of all skyscrapers and multifamily buildings deeply reliant on heavy metals, housing experts told Inman. “We’ve had a string of bad news for the housing market in just the past few months, and this is layering on top of that," said Daren Blomquist, a senior vice president with the real estate data company Attom Data Solutions. "Along with the dip in new home sales and existing h...