"A typical car contains roughly 1,000 pounds of steel at a cost of about about $6,000 to $7,000 per vehicle, Baker told CBS MoneyWatch. That means adding a 25% tariff could increase the cost of a car by $1,000 to $1,500, he estimated. Although some automakers might shift to buying more U.S.-made steel, American manufacturers would also likely boost their prices, taking advantage of the higher costs for foreign-made steel, he added."
President Trump on Monday ordered new tariffs on all steel and aluminum imports. Experts say some products could become pricier.
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