Thanks to a fresh 25% tariff on imported steel and aluminum, your budget is about to take a big hit. With costs climbing and contractors scrambling, homeowners and builders alike are in for a pricey lesson in economic policy.

The typical American consumer is highly unlikely to purchase raw steel or aluminum on their own. That might lead them to believe their wallets are shielded from the 25% tariffs President Donald Trump levied on the two metals with no exemptions or exceptions on Wednesday.

Ursula von der Leyen, president of the European Commission, said in a statement that the EU "must act to protect consumers and business."