Table 1
Effects of Section 232 steel measures on end-use products
| End-use product | Primary steel inputs | Total steel inputs as share of gross production costs | Causal effect on end-use goods prices |
|---|---|---|---|
| Durable goods (personal consumption expenditures) | Cold-rolled steel sheet and strip; hot-rolled steel sheet and strip, including tin mill products; hot-rolled steel bars, plates, and structural shapes, carbon | — | No statistical effect |
| New motor vehicles (consumer) | Cold-rolled steel sheet and strip | 4.3% | No statistical effect |
| Motor vehicle parts (producer) | Hot-rolled steel sheet and strip, including tin mill products; Hot-rolled steel bars, plates, and structural shapes, carbon | 9.8% | No statistical effect |
| Nonresidential construction goods | Hot-rolled steel bars, plates, and structural shapes, carbon | 1.9% | Statistically significant but economically insignificant effect (a 1% change in steel causes a 0.1% change) |
| Construction machinery | Hot-rolled steel bars, plates, and structural shapes, carbon | 8.2% | No statistical effect |
| Electrical equipment and household appliances | Cold-rolled steel sheet and strip; Steel wire, carbon | 4.7% | No statistical effect |
| Food at home | Hot-rolled steel sheet and strip, including tin mill products | 1.0% | Statistically significant but economically insignificant effect (a 1% change in steel causes <0.05% change) |
Source: Authors' analysis of BLS (2020, 2021b, 2021c, and 2021d) and FRED (2021) data.
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