President Donald Trump imposes tariffs on steel, aluminum imports

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"We will be going to be doing a lot of them", Trump said.

"Our position hasn't and won't change", one Canadian source said.

The stock has received a number of upgrades from Wall Street analysts ahead of the expected announcement Thursday afternoon of a 25% tax on imported steel and 10% on imported aluminum. Their continuation depends partly on progress in negotiations to modernize the North American Free Trade Agreement, the official said.

"This is not merely an economic disaster, but it's a security disaster we want to build our ships, we want to build our planes. with steel and aluminium from our country".

Quebec's federation of chambers of commerce (FCCQ) released a statement saying it is "incomprehensible" that uncertainty about tariffs persists for its members. Whether the exemptions become permanent remains to be seen.

Beyond imposing retaliatory tariffs on USA goods, the EU is prepared to file a case at the World Trade Organization against the Trump administration in cooperation with other countries and to introduce "safeguard" measures to prevent steel shipments from other parts of the world to America from being diverted to the European market and flooding it.

"I have a feeling we're going to make a deal on NAFTA".

Strained relations between Washington and its traditional EU allies have grown so bad that European Central Bank chief Mario Draghi issued a call for calm in a Thursday press conference.

Mr Trump has complained about low-priced Chinese exports of steel and aluminium, but the latest move was likely to hit Japan and South Korea harder.

Republican leaders on Capitol Hill have tried to persuade the White House against the decision for weeks, and many offered muted criticism Thursday - even though Trump campaigned heavily on a promise to raise tariffs in 2016. Or do we actually have plenty of steel for that, and we're doing this to punish countries that we have a trade deficit with? "The key risk is that this then pushes the U.S.to escalate tensions and counter-retaliate outside of World Trade Organization supervision'".

The EU represents many top U.S. trading partners, including Germany, the UK, France and Italy.

United States Trade Representative Robert Lighthizer said at the conclusion of the seventh round of renegotiation talks in Mexico City earlier this week that the US could seek bilateral deals with Mexico and Canada separately if needed.

Exports of these products, and steel and aluminum, make up less than 1 percent of South Korea's total exports, Nomura Securities Co Ltd economist Kwon Young-sun said.

Peter Navarro, Trump's trade and manufacturing adviser, said in an interview on Wednesday that the tariffs would go into effect within about 15 to 30 days and that the proclamation signed by the president would include a clause that would not immediately impose tariffs on Canada and Mexico. "What we need to ensure is that we can get our products to the American market and resolve some of these outstanding situations".

The report found that the "quantities and circumstances of steel and aluminum imports threaten to impair the national security". The probes were authorized under the seldom-used Section 232 of the 1962 Trade Expansion Act, which gives the president broad powers to impose trade restrictions on domestic security grounds.

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