UPDATE -- Trump to Set 25% Tariff on Imported Steel
“We’ll be signing it next week. And you’ll have protection for a long time in a while,” Trump said.
Trump revealed his intentions during a meeting with steel and aluminum executives at the White House. According to ABC News, more than a dozen executives attended, including those from United States Steel Corporation, ArcelorMittal and Nucor.
Trump's announcement capped a morning of uncertainty. It first appeared a formal announcement was coming but it was then canceled amid pushback from lawmakers and others in the White House. According to the Los Angeles Times, Trump announced his intent in response to shouted questions at the end of a media availability.
Critical details of the plan, such as which products will be targeted, and which countries might be excluded, aren't yet clear. Nevertheless, the U.S. in all likelihood will face backlash from the rest of the world over the decision.
European Commission President Jean-Claude Juncker called Trump's decision "blatant intervention" and said the European Union will retaliate, the Reuters news service reporteed.
“We strongly regret (the U.S. decision), which appears to represent a blatant intervention to protect U.S. domestic industry and not to be based on any national security justification.”