Independent Can Company has raised prices twice this year already after Trump imposed 25% duties on steel in March, and then doubled them in June.

Steel producers like Cleveland Cliffs and Steel Dynamics both said this week that they raised prices after President Trump imposed a 50 percent tariff on imports.

Leaders from the American Forest & Paper Association, Can Manufacturers Institute and Plastics Industry Association offered perspectives on challenges and manufacturing opportunities in recycled and virgin markets.

Tariff expenses are starting to pile up for auto manufacturers and suppliers. General Motors Co., for example, said tariffs cost it $1.1 billion in the second quarter, while Stellantis expects a full-year tariff impact of $1.2 billion-$1.8 billion.

A global plunge in prices, led by increased production from China, and U.S. tariffs threaten steel manufacturing, which has long been a symbol of national might.

Some commodities have also been subject to individual tariffs. Trump recently announced a 50% tariff on copper imports, effective from 1 August. Steel and aluminium imports are already subject to a 50% tariff from most countries, though in the UK’s case this is 25%.

British Prime Minister Keir Starmer is expected to press U.S. President Donald Trump to finalize a trade agreement that would cut tariffs on UK steel and Scotch whisky imports, the Financial Times. Starmer will meet Trump on Monday during the president’s visit to Scotland,

The Trump administration’s tariffs roughly break down into one of two categories. What do each of them mean for the global economy?