U.S. steel and aluminium imports face big tariffs
He said steel products face a 25% tariff, with 10% on aluminium goods. Trump tweeted that the U.S. was suffering from "unfair trade". But the move has hit US markets, with the Dow Jones index down more than 2%.
The U.S. imports four times more steel than it exports, and is reliant on steel from more than 100 nations.
The value of shares in American steel manufacturers jumped significantly after the announcement.
The news is likely to provoke an angry reaction from China, and analysts have expressed fears of the prospect of new trade wars. ■