In a meeting with business executives, Trump said: "We'll be signing it next week. And you'll have protection for a long time in a while."
News of the tariffs immediately hit sentiment on the Wall Street, with the Dow slumping over 500 points, more than two per cent, in late trading.
Daniel Ikenson, a senior fellow at the Cato Institute, said that trade restrictions could hurt US producers by exposing them to competitions from foreign rivals with lower production costs capable of offering lower prices in the US market.
US actions would face legal challenge by other World Trade Organization members, and they would also invite other members to invoke national security to protect favoured industries, said Ikenson.
European Union (EU)'s trade chief Cecilia Malmstrom has said that EU would seek retaliation measures if the Trump administration's 232 trade investigation brings damage to European steelmakers.
It's still unknown whether Trump's announcement on Thursday refer to blanket tariffs for all countries.
In April last year, Trump ordered the Commerce Department to study the impact of steel and aluminum imports on national security under seldom-used section 232 of the 1962 Trade Expansion Act.
Two weeks ago, the Commerce Department unveiled its recommendations for Trump to restrict imports of steel and aluminium products due to national security concerns, which drew opposition from US lawmakers and businesses.
According to the recommendations, the US could introduce at least 24 per cent tariff on all steel imports from all countries and at least 7.7 per cent tariff on all aluminium imports from all countries.
Trump's announcement on Thursday was higher than both recommendations.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.