A Montreal Economic Institute report, written mainly by University of Toronto economics professor Joseph Steinberg, argues that Trump's steel and aluminum tariffs have been a “disaster” for the U.S., fuelling inflation without the promised growth in those industries or new jobs. Since February 2025, U.S. steel prices have risen 33.9% and aluminum 58%, versus 1% and 26% in Canada. During the 19-month period in which the tariffs were in place (imposed in March 2025 and later raised from 25% to 50%), U.S. steel production rose 7.6% with employment up 0.7%, while aluminum production fell 0.1%. The new steel tariffs alone could raise costs by 6.5% in autos and 13% in fabricated metals, and the report says consumers and industrial buyers have paid the price. Tariffs remain a source of friction with Canada: New Jersey importer Gellert Global Group has sued over the 50% tariffs, while U.S. courts have already ruled some earlier tranches illegal.
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| Market | US stocks |
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| Close on 10/21/2026 | 773.09 |
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