U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that's set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further. Foreign-made steel and aluminum is used in household products like soup cans and paper clips, as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike. But Trump argues that his latest import taxes are necessary to protect U.S. industries. MORE: https://www.wthr.com/article/news/nation-world/trump-steel-aluminum-tariffs/507-a26470b2-2442-4c62-bb8a-c2ea9904668b