An analysis by the nonpartisan Peterson Institute for International Economics estimates Trump’s proposed tariffs would cost a typical U.S. household more than $2,600 a year. “High tariffs also imply a massive shifting of the tax burden from richer taxpayers toward lower-income Americans,” the report said.

China's steel industry, already struggling with overcapacity and weak domestic demand, faces an indirect hit if U.S. President-elect Donald Trump pursues 60% tariffs on Chinese goods such as manufactured items made from the alloy.