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.

President Donald Trump raised levies on US imports of steel and aluminum to 50% from 25% as he ratcheted up his campaign to reshape the country’s trade ties with the rest of the world.