U.S. 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,

President Trump doubles steel and aluminum tariffs to 50% starting June 4 to protect U.S. industries and national security.

President Donald Trump is using his love of tariffs to threaten high-profile American companies. Over the past month, Trump has said he’d like to target two specific and very different companies — Apple and Mattel — with tariffs aimed at their key products over comments by their CEOs.