New steel tariffs next week

US President Donald Trump said on Thursday that he will sign measures next week to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports to protect US domestic industries.

He made the remarks in a meeting with a dozen executive of US steel and aluminum industry. The case under the Section 232 of US Trade Expansion Act of 1962 determined that steel and aluminum imports pose a national security threat. The move is expected to trigger retaliation from US trade partners, including many US allies, and also increase the cost for a big sector of the US economy that uses imported steel and aluminum as raw materials.