WASHINGTON, March 1 (Xinhua) -- U.S. President Donald Trump said here on Thursday that he would impose tariffs on imports of steel and aluminum products, in a move he said would protect U.S. industry, but which experts said could hurt U.S. producers and face legal challenges from trade partners.
The United States is set to impose 25 percent of tariff on steel imports and 10 percent for aluminum, Trump said after a meeting with business executives.
"We'll be signing it next week. And you'll have protection for a long time in a while," said Trump.
News of the tariffs immediately hit sentiment on the Wall Street, with the Dow slumping over 500 points, more than 2 percent, in late trading.
Daniel Ikenson, a senior fellow at the Cato Institute, said on Thursday that trade restrictions could hurt U.S. producers by exposing them to competitions from foreign rivals with lower production costs capable of offering lower prices in the U.S. market.