Key Takeaways President Donald Trump's higher tariffs on steel and aluminum will go into effect on Wednesday.The 50% tariffs, doubled from 25%, could boost U.S. steel and aluminum producers but hurt businesses that make things out of the metals.

President Trump campaigned on the promise that he would lower prices, including food prices. But his decision to double tariffs on steel and aluminum to 50% is likely to have the opposite effect, including when it comes to grocery bills.