The effects of the tariff threats are already rippling through certain companies dependent on steel. Harley-Davidson motorcycles, for example, said in a statement that tariffs “will drive up costs for all products made with these raw materials, regardless of their origin.”

Jason Andringa, who oversees agriculture and construction equipment-maker Vermeer Corp., headquartered in Pella, told the Wall Street Journal in March that “cold water” was being thrown on a year of economic gains.

“It’s going to bring a dynamic of risk and volatility that we haven’t had to deal with in a while,” he told the Journal at the time.