President Trump on Monday said he would be imposing 25% tariffs on all steel and aluminum imports into the United States. "This is a big deal, the beginning of making America rich again," Mr. Trump said as he signed the tariff orders in the Oval Office.

In the aftermath of steel and aluminum tariffs during Trump's first term, major appliances showed price increases of between 5% and 10% between June 2018 and April 2019, Miller added, citing a monthly government data release. Those price hikes far outpaced an overall inflation rate of around 2%.