In New York, the Dow Jones industrial average was down 420.22 points to 24,608.98.
A source familiar with Exxon deliberations about a possible expansion of the Beaumont, Texas, refinery said an increase in steel prices could impact the company's decision on whether to add a third unit for distillation of crude.
"The costs of steel are a small portion of most of the products that people are afraid about influencing", he said, pointing out that an unlikely rise in steel prices of $100 a ton would barely affect the price of a vehicle that only uses about a ton of steel. "Steel prices increased dramatically, and we lost an terrible lot of jobs", Johnson said. "The EU will react firmly and commensurately to defend our interests", considering World Trade Organization-compatible countermeasures.
"Let's be clear: The President is proposing a massive tax increase on American families", Sasse said in a statement.
The 10-year U.S. Treasuries yield fell to 2.811 percent, hitting its lowest level in three weeks and further extending the distance from its four-year peak of 2.957 percent touched on Feb 21. "And it will be for a long period of time", he stated. Others, including U.S. Trade Representative Robert Lighthizer and Commerce Secretary Wilbur Ross, have pushed for protectionist actions.
Now, if they do slap one on, I think we do what Mexico has already announced today: you put an embargo on us, we're going to put tariffs on you, tit for tat.
His words to the executives: "You will have protection for the first time in a long while".
The Trump administration's plan to place tariffs on steel and aluminum sparked an outcry among major producing nations and stock market plunges Friday, fuelling fears of an imminent tit-for-tat trade war. The Commerce Department concluded in a recent report that imports of steel and aluminum "threaten to impair the national security". He has until April to formally decide whether to support the department's recommendation to impose tariffs.
At least two corners of the stock market cheered President Trump's tariff announcement. The actual event caught some top White House officials off guard and left aides scrambling for details. This official was not authorized to discuss the internal deliberations publicly and spoke on condition of anonymity.
The move was welcomed by the steel and aluminum executives gathered Thursday around a table in the Cabinet Room, who have urged Trump for months to make good on his campaign promise to protect their industries from cheaper foreign imports.
And one of the big users of steel is the US oil-and-gas sector, which has to import almost all the pipe it uses to drill and pump oil and gas around the country. We want to explain the complex issues of trade and global trade deals in a way that answers the questions of the WikiTribune community. The American International Automobile Dealers Association warned it would drive prices up "substantially". In addition, if such exemptions are granted, the Department of Commerce suggests that the president should make corresponding adjustments to the tariff or quota levels imposed on imports from other countries, to ensure the desired benefit to USA industry.
Steel makers were sharply higher following reports that the government would announce tariffs on imported steel.
- With a file from The Associated Press.
But the tariffs - 10 percent on aluminum and 25 percent on steel - are being strongly criticized Republican lawmakers, who are concerned that it could hurt the economy and cause prices to rise. White House aides spent Wednesday night and Thursday morning scrambling to steer the president away from an announcement on an unfinished policy, with even Kelly in the dark about Trump's plans.
Trump has until the end of April to finalize his decision.