Posted March 2, 2018

Trump wants 25% trade tariff on imported steel

Stocks tumble on announcement; industry leaders warn of international retaliation, higher prices for consumer goods and potential U.S. job losses.

President Donald Trump said that to protect national security the U.S. will impose a 25% tariff on steel and a 10% tariff on aluminum imported from foreign countries, although details are not yet available.

The statement brought warnings of retaliation from steel- and aluminum-producing countries throughout the world, and it increases the probability of higher costs to companies that use the products, "eating into profits or forcing them to raise prices or lay off workers."

President Donald Trump invited a trade war after slapping tariffs on steel and aluminum imports, daring other countries to act on threats of retaliation.

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” Trump said in an early morning tweet on Friday.

Trump is facing anger from manufacturers and trade partners in China and Europe after announcing tariffs of 25 percent on imported steel and 10 percent on aluminum for “a long period of time.” The formal order is expected to be signed next week.

Click here to read more from Bloomberg News.

Click here to read more from The Wall Street Journal.