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.

Mexico will ask Donald Trump’s administration this week to be exempted from an increase in steel tariffs to 50%, the country’s economy minister said on Tuesday.

One of America's most storied industries is getting a massive boost from President Donald Trump's latest tariffs push — at the potential cost of a broader slowdown elsewhere in the U.S. economy.