Imported steel and aluminum already subject to a 25% tariff are excluded from President Trump's new levies, providing some relief for metal buyers that would have faced significantly higher prices, but the new tariffs nevertheless will raise the cost of raw materials for steelmakers that operate electric arc furnaces,

European Union member states voted Wednesday to approve retaliatory tariffs on $23 billion in goods in response to President Trump’s 25% tariffs on imported steel and aluminum, as the largest U.S. trading partner described them as “unjustified and damaging.

Steel and aluminum are essential for high-rise construction, and are often cheaper to produce in countries like China, Mexico or Canada, one expert said.