U.S. stocks trade mixed after Trump announcement

NEW YORK, March 2 (Xinhua) -- U.S. stocks paved part of early gains to trade mixed around midday on Friday, after President Donald Trump announced steep tariffs on steel and aluminum imports.

Around noon, the Dow Jones Industrial Average fell 162.78 points, or 0.66 percent, to 24,446.20. The S&P 500 edged up 0.38 point, or 0.01 percent, to 2,678.05. The Nasdaq Composite Index was up 23.17 points, or 0.32 percent, to 7,203.74.

Trump said on Thursday he would impose tariffs on imports of steel and aluminum, claiming that the move would protect the U.S. industry. Many experts argue that the planned tariffs would hurt U.S. producers and prompt 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 as early as next week, Trump said after a meeting with business executives at the White House.

U.S. stocks tumbled for a third straight session on Thursday after the announcement, with all three major indices dropping more than 1 percent.

The sell-off reflected Wall Street's concerns over inflationary risks and economic slowdown, two threats analysts predicted tariffs and other protectionist measures could bring.

Business Roundtable, an association of chief executive officers of America's leading companies, said it strongly disagreed with Trump's announcement because it will hurt the U.S. economy and American companies, workers and consumers by raising prices which would lead to foreign retaliation against U.S. exporters.

On the economic front, the final reading of U.S. Consumer Sentiment Index came in at 99.7 in February, generally in line with market estimates, according to a survey released by the University of Michigan on Friday. Enditem