The new import taxes could affect manufacturers that rely on steel and aluminum. Manufacturers aren’t just going to switch to domestic suppliers, said Erin McLaughlin, senior economist at The Conference Board, because those suppliers can’t expand steel and aluminum factories overnight. That takes years.

Fresh 50% duties on the critical building materials will inflate prices across a range of commercial projects, according to panelists at a recent webinar hosted by Skanska.

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.