Steel prices in the US have climbed to their highest level in four years due to import tariffs imposed by US President Donald Trump, Bloomberg reported on Friday.

Specifically, the price of hot-rolled coil, a benchmark for the US market, has surged by 52%. According to the report, the price per coil has exceeded $1,200.

The price surge comes ahead of the midterm elections, with inflation posing a major challenge for Republicans, the report added.

The United States will hold midterm elections on November 3 to elect 35 senators and all 435 members of the House of Representatives. Legislative elections in many states will also take place. According to analysts, the Republican Party risks losing control of the House of Representatives to Democrats.

In June 2025, the US doubled its import tariffs on steel and aluminum from 25% to 50% for all countries. Trump previously justified this by citing the need to strengthen the domestic steel industry.

@Sputnik