President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,

Cars, cans and coffee tins are all poised to get more expensive, as 50 percent tariffs on steel and aluminum take effect.

Trump administration tariffs on all imported aluminum and steel are now in effect as the United States launched a 50% duty directly on those materials Wednesday.