Wolfe Research Warns 25% Tariff Shift Risk

Wolfe Research cautions that White House plans to replace 50% steel/aluminum tariff with 25% tariff on total import value, raising costs.
Typical imports have steel/aluminum at 30‑35% of value, so the new structure could represent a headline tariff increase for all imports.
Companies like Lennox International, Carrier Global, Vertiv, nVent, Hubbell and Fastenal may face cost spikes if USMCA imports get a 25% levy.
The proposal ties to USMCA verification deadline of July 1 2026, but details remain limited and qualification criteria unclear.