The Financial Times reports that President Donald Trump is planning to scale back some tariffs on steel and aluminum goods, as he battles an affordability crisis that has sapped his approval ratings ahead of November’s midterm elections. Sources close to the White House say that a review of the list of products affected by the up-to 50% tariffs is underway, citing a belief among trade and commerce officials that consumers are being hurt by higher costs for goods such as pie tins and food and drink cans. That viewpoint is supported by a new report from the Federal Reserve Bank of New York, which says that 90% of the tariffs imposed by the president on imported goods are borne by American consumers and companies. The paper said that between January and August of last year, Americans took 94% of the hit from Trump’s tariffs. During September and October, that ebbed to 92%, settling to 86% in November.
