Trump's increased steel tariff could lead to you paying more for appliances and cars, while impacting ports in Philadelphia and Wilmington.

U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.

The cost of imported aluminum and steel is going up. Food and beverage manufacturers in Washington are going to take a hit.