Trump tariffs on steel, aluminum could hurt U.S. industry; trade war fear sinks stocks

President Trump said Thursday he will impose heavy tariffs on imported steel and aluminum that could increase American jobs in those sectors but also raise prices.

The actions could hurt a number of industries including automakers and suppliers, boat and plane manufacturers and even beer companies.

There's also concern the move could trigger a "trade war" in which countries would retaliate by imposing tariffs, or other measures, in response.

Speaking to more than a dozen steel and aluminum executives at the White House, Trump said he would sign tariffs of 25% on imported steel and 10% on imported aluminum next week.

"It'll be for a long period of time," Trump said during the meeting with executives from U.S. Steel, AK Steel, Arcelor Mital, Nucor and other producers. "We'll be signing it in. And you'll have protection for the first time in a long while, and you're going to regrow your industries. That's all I'm asking."

The president also said that dumping of cheap, imported steel and aluminum "destroys our companies and our jobs." He added to the executives, "People have no idea how badly our country has been treated. ... Or if they did, then they should be ashamed of themselves because they've destroyed the steel industry, they've destroyed the aluminum industry and other industries, frankly."

Source: usatoday