How Tariffs Will Make Everything More Expensive In The U.S. | CNBC Marathon

CNBC Marathon explores how tariffs will increase pricing across key American industries and commodities.

Aluminum is a critical mineral used in American defense, transportation and energy systems. Producing aluminum requires large amounts of electricity, and typically occurs in China, Russia, India and Canada. In March 2025, the Trump administration imposed 25% tariffs on all aluminum entering the United States. Companies including Alcoa, Ford, Coca-Cola and Lockheed Martin could face higher input costs. But aluminum production's return may take time due to high demand for the electricity required to process the metal.

A plan to re-shore automotive manufacturing by imposing tariffs will take years and require billions of dollars in investment. In the meantime consumers could see higher prices and fewer choices. CNBC breaks down which vehicles are likely most affected and how much prices are likely to rise.

Volatile lumber prices have been causing uncertainty for construction businesses. In April 2025, the price of softwood lumber was 23% higher than the previous year. Lumber futures in the first quarter of 2025 have also surged on fears of higher duties as well as sawmill closures across North America. That has impacted some of the U.S. biggest homebuilders like Lennar, D.R. Horton, and Toll Brothers, which suffered declines in their stocks during the spring of this same year. According to the NAHB, Canada ultimately accounts for about 85% of all U.S. softwood lumber imports and represents almost a quarter of U.S. supply as of April 2025; and yet, while lumber had escaped the round of tariffs that spring, they were notably on the radar of the Trump administration for what’s to come next.

Whether it’s electricity costs to make up for aluminum production, global auto brands now at risk across the market, or taxes on lumber that may jeopardize affordable housing across America, tariffs targeting manufacturing operations and products nationwide could mean a very different and even more expensive future for the U.S. CNBC uncovers why and how we got here.

Chapters:

Produced by: Carlos Waters, Robert Ferris, DeLon Thornton

Edited by: Carlos Waters, Darren Geeter, Nora Rappaport

Supervising Producers: Shawn Baldwin, Tala Hadavi

Animation: Jason Reginato, Christine Kim

Camera: Kaan Oguiz, Lucas Mullikin

Additional Footage: Getty Images

Additional Sources: Center for Strategic and International Studies, Clinton Aluminum, Council on Foreign Relations, Howard Precision Metals Inc., Federal Register, National Mining Association, International Aluminum Association of Home Builders, Office of the U.S. Trade Representative, Peterson Institute for International Economics, Reynolds, U.S. Geological Survey, U.S. International Trade Administration

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How Tariffs Will Make Everything More Expensive In The U.S. | CNBC Marathon