President Trump is slapping broad tariffs on imported steel and aluminum.
In a White House event today, Trump said the U.S. has been ravaged by aggressive foreign trade practices for years. He called it an assault on U.S. industries.
Trump signed an order authorizing a 25% tariff on imported steel and 10-percent on aluminum. Critics, including some prominent Republicans, have warned that the action could provoke a trade war. Trump said exemptions have been carved out for Canada and Mexico while he tries to renegotiate NAFTA.
He again threatened to terminate the longstanding trade deal if he doesn't get a better one. Presidents can impose import tariffs if they determine that national economic security is jeopardized.
Trump argued that his action will help level the playing field for American industries. He also noted that the move fulfills a campaign promise.
Several steel and aluminum industry workers joined Trump for the announcement.