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President Trump announced on Thursday, will impose high tariffs on imported steel and aluminum products to protect American manufacturers. This could lead to retaliation by major trading partners such as China and Europe, while helping to trigger a massive sale of American stocks.
Trump said that it will officially announce 25% and 10% tariffs on imported steel and aluminum next week. But White House officials later said some details still need to be finalized.
Trump believes that these tariffs will protect American employment. But most economists say that for steel and aluminum consumers such as automobile and oil industry, the impact of import price increase will be more than that created by employment.
"We're going to rebuild our steel industry and our aluminum industry," Trump said.
Tariff news led to a sharp rise in the share price of domestic steel and aluminum producers in the United States, but the U.S. stock has been hit by a possible increase in consumer costs.
A person who knew the discussion directly said the White House was in a "mess" all night because of the government's rocking position.
Some senior members of the Republican Party, as well as the industry from cars to oil, which are likely to increase taxes, are strongly criticizing the threat of taxation. A major concern is that American agricultural exports may be retaliated by the retaliation of steel exporters.

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