President Donald Trump's plan to impose 25% tariffs on imported aluminum and steel could in turn raise costs for American manufacturers that are passed on to consumers.

In the aftermath of steel and aluminum tariffs during Trump's first term, major appliances showed price increases of between 5% and 10% between June 2018 and April 2019, Miller added, citing a monthly government data release. Those price hikes far outpaced an overall inflation rate of around 2%.