U.S. President Donald Trump's 50% tariffs on most imported steel and aluminum went into effect on Wednesday, an increase from previous 25% rate that had been in place.

American steelmakers will most likely be able to charge higher prices as demand for domestic sources of metal increase. But the broader economy is likely to suffer.

The president has ratcheted up the rate on foreign metals to 50 percent, double the previous rate, saying the levies weren’t high enough to help the U.S. industry.