($100 Bills - KIWA Staff Photo)Iowa (RI) — Iowa manufacturers are facing rising costs as domestic steel prices climb to their highest levels in four years, driven by tariffs and limited supplies.
Peter Orazem, interim chair of economics at Iowa State University, says the benchmark price for U.S.-produced hot-rolled coil steel has risen to nearly $1,400 per ton.
Orazem says steel prices in the United States have risen much faster than in neighboring countries.
Earlier this year, the U.S. Supreme Court allowed a 50% tariff on imported steel and aluminum to remain in effect, despite ruling that some other tariffs imposed by President Trump were unlawful.
The higher steel costs are affecting Iowa manufacturers. During a call with investors in May, officials with Moline-based John Deere said the company expected about $900 million in net tariff-related costs during its fiscal year that ended Sunday.
