A wave of U.S. tariffs on construction materials like steel and cement is poised to ratchet up costs for new data centers, power plants, pipelines and other big infrastructure, even as President Donald Trump promises to cut energy costs.
Since taking office roughly six weeks ago, the Trump administration has unleashed dramatic new tariffs on steel and aluminum, along with country-specific penalties on Canada, Mexico and China, some of which took effect Tuesday. Those tariffs are likely to hit the auto and petroleum sectors hard (though the White House has paused auto tariffs for one month).
Now, the president is planning new tariffs for copper and timber. He’s also vowing to impose tariffs on April 2 that reciprocate tariffs placed on U.S. exports, a potential massive increase in costs for imported U.S. construction material.
The incipient trade war is sending industry leaders and stock markets spinning. Construction groups say the tariffs will make it more challenging to build things.