Oil industry executive J. Nelson Wood was close to starting a multimillion-dollar drilling project in Illinois. Then came President Donald Trump's tariffs.

Now, the cost of the pipes he will need for the project has doubled following Trump's tariff on steel imports, while the price for his oil has fallen around 17% this year amid fears that the levies will slow economic growth — and with it demand for oil. Between the higher costs and lower prices, it doesn't make financial sense for him to drill for more oil, he said, in an example of how tariffs hit parts of the economy not directly facing levies.