Trump says U.S. to impose tariffs on steel, aluminum imports

WASHINGTON, March 1 (Xinhua) -- U.S. President Donald Trump said here on Thursday he would impose tariffs on imports of steel and aluminum, 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 products and 10 percent on aluminum, Trump said after a meeting with business executives at the White House.

"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.

U.S. actions would face legal challenge by other World Trade Organization members, and they would also invite other members to invoke national security to protect favored industries, said Ikenson. Enditem