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%.

President Trump on Monday said he would be imposing 25% tariffs on all steel and aluminum imports into the United States. "This is a big deal, the beginning of making America rich again," Mr. Trump said as he signed the tariff orders in the Oval Office.