Congressional Republicans threaten action over Trump's tariffs

President Donald Trump expected to sign a presidential proclamation to establish the tariffs during a ceremony on Thursday

The White House will follow through on its plan to levy tariffs on imports of steel and aluminum, President Donald Trump said during a cabinet meeting today - but it will grant temporary exemptions for imports from Canada and Mexico.

But the industry also fears the indirect consequences of Mr Trump's actions, which could lead to cheap Chinese steel being dumped on European markets instead of sold to the USA.

The US is also now negotiating a trade deal with China, Trump said, adding that "I don't know if anything is going to come of that".

Kosei Shindo, president of Nippon Steel Federation, said the move by the USA could lead to countermeasures being implemented by other countries around the world, which would go against the spirit of the free trade system.

Trump ordered higher tariffs Thursday, citing what he said was the need to protect U.S. national security by ensuring the survival of the country's metals producers. So, will other leaders want to sit across from the United States to make such a deal?

Lawmakers, however, a great deal of whom are Republicans, have publicly opposed Trump's tariff plan.

India's miniscule export of steel to the U.S. means it may breathe freely, but not other major countries.

"We'll be making a decision as to who they are", Trump said.

"When it comes to a time when our country can't make aluminum and steel you nearly don't have a country", Trump said. But the president says, "We're going to be very flexible".

Asia Minute: Trade, Not Tariffs for Latest Asia Pacific Deal
The 11 CPTPP state members represent a market of 500 million people, greater than that of the European Union's single market. But it also seeks to reduce so-called non-tariff measures, which create obstacles to trade through regulations.

Australia, Brazil, Canada, the European Union, Japan, Mexico and South Korea were clamoring for exemptions from the tariffs before they were signed, but the White House has offered initial exemptions for only Canada and Mexico. Both Mexico and Canada have balked at Trump's move to link the NAFTA renegotiations with the impending tariffs.

President Donald Trump has signed proclamations imposing tariffs on imports of steel and aluminum.

"Fingers crossed on what is hopefully a happy ending", Mr Berry said in a statement after Mr Trump's comments.

U.S. stocks rose after the announcement, while stock markets in Canada and Mexico rallied on the news, as did the Canadian dollar and the Mexican peso.

Trump said the "aggressive" foreign trade amounted to an "assault" on the United States, but that he would also show flexibility with friendly countries, possibly removing tariffs for some.

"Ironically, estimates also show that the USA could overall also suffer job losses as a result of the measures". He says American manufacturers need to be protected on national security grounds.

"We will urge the worldwide community to refrain from adopting measures that inhibit free trade", said the Korean minister, Paik Un-gyu, at an emergency meeting, according to a ministry statement.

According to the report, Australian Ambassador to Washington Joe Hockey, called Norman on behalf of Australian Prime Minister Malcolm Turnbull, to give Turnbull Trump's personal cell phone number.

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