Commercial real estate developers expected a rebound in 2025. Instead, tariffs have driven up costs and drained optimism.

Fox News correspondent Mike Tobin joins ‘America Reports’ to tour an aluminum factory in Sebree, Ky., as President Donald Trump’s tariffs kick in.

The Trump administration on Wednesday will effectively plaster 25% taxes – tariffs – on all steel and aluminum imports. The president said on Tuesday that the U.S. would double the forthcoming levy on the two metals to 50% if they come from Canada — but pulled back on the threat by the afternoon after the province of Ontario suspended its plans for retaliatory tariffs.

Blackstone chief executive Stephen Schwarzman on Wednesday backed U.S. President Donald Trump's tariffs, saying they will boost manufacturing activity in the United States and spur growth in the world's largest economy.