Steel turns out to be a helpful use case for the effects of tariffs. The U.S. companies who produce steel, for example, will undoubtedly be among the winners. They will win by selling more steel at higher prices, thus bringing in more revenue and profit.

President-elect Donald Trump claims he can unilaterally impose sweeping tariffs on U.S. imports. The reality is more complicated, according to trade experts.

Trump's plans have been heralded by some domestic manufacturers competing against low-cost goods from countries like China, but economists warn tariffs can be a double-edged sword by driving up inflation and interest rates.