In its latest report on the outlook for the metals market following Trump's tariffs, Goldman Sachs’ analysts highlighted the following key points.

“A two-tier market is ultimately damaging to US downstream industries that consume these metals, as it creates an uneven playing field for US industries that will be facing higher metal prices.

The industries that are net consumers of steel and aluminum in the US now face cost disadvantages, saying that "a tariff intended to support the US industry may end up boosting margins and investments for a small subset of producers while leaving the broader economy at a disadvantage via higher costs".

The report is a deep dive into the economic consequences of the tariffs implementation, and it's not exactly wrong when you wrap your head around it. The number of consumers and those industries which work with the metals are far greater than those on the production line, so if the larger slice of the pie is the one getting hurt it makes sense to believe that the net effect on the economy is more negative than it is positive.”