U.S. policy makers are considering steps to narrow the reach of tariffs on steel and aluminum goods as they confront mounting concerns about the cost of living and political fallout tied to higher import prices. People familiar with the matter say the White House has opened a review of the products covered by the roughly 50% tariffs and is weighing exemptions for some items.
Rather than broadening the list of goods subject to the levies, officials are reported to be looking at limiting any expansion and instead initiating more narrowly targeted national security probes into particular products. The approach would shift enforcement away from sweeping tariff coverage toward case-by-case inquiries of specific imports.
Critics have argued that the tariffs act as a de facto tax on Americans, a criticism underscored by new research. A study from the New York Federal Reserve released this week found that U.S. businesses and consumers absorbed almost 90% of the cost of the tariffs in 2025. That finding has intensified scrutiny of the policy amid broader concerns about rising costs for households.
Despite the criticism, the president has maintained that tariff revenue can contribute to reducing the national debt and has repeatedly raised the prospect of returning some of those revenues to the public. At the same time, signals earlier this year and last year showed moves to retreat from some of the more stringent levies, and there was public support for a trade truce with China as import costs became a growing political issue.
The reported review reflects an effort to balance multiple pressures: the desire to retain trade leverage tied to national security claims, the political need to address inflationary pressures felt by consumers, and the operational question of how best to target tariffs without broadening economic disruption. Sources say any changes would focus on narrowing the set of covered products and pursuing targeted investigations rather than blanket additions to the tariff list.
Contextual note: Details about internal discussions and policy options come from people familiar with the review. The New York Federal Reserve study cited quantified the share of tariff costs borne domestically in 2025.