The Trump administration is planning significant tariff rollbacks for steel and aluminium products, according to a report by the Financial Times.The rollback comes as the president prepares for a midterm election where affordability seems to be one of the main issues voters are having with the current administration.The tariffs have been in place since last summer, and as a result household appliances made with steel and aluminium, like ovens, fridges, and washing machines, have seen a steady rise in price, with many consumers attributing this rise to the tariffs imposed on foreign materials.Polls, like a recent survey done by the Pew Research Center, show that, despite comments about the American economy being "the strongest it's ever been" from the Trump administration, consumers are still feeling a perceived hit to the back pocket..The Pew Research poll found that "About three-in-ten U.S. adults (28%) rate economic conditions in the country as excellent or good, while roughly seven-in-ten (72%) rate them as only fair or poor."This decision also comes as some members of Trump's Republican Party voted alongside Democrats in a motion against the president's tariffs on Canada, highlighting the split opinion of tariffs as an economic measure amongst the governing party.The lifting of steel tariffs in particular will come as a small relief to the Canadian steel industry, which has seen a significant drop in steel production in addition to layoffs at steel plants.In December, 1,000 workers at the Algoma Steel plant in Sault Ste. Marie were laid off as a direct result of these tariffs.This change to US tariff rates has not yet been announced by the administration, but, according to the Financial Times, the decision is all but made.
