"Trade wars are good, and easy to win", tweets Trump

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It speaks volumes about protectionism that while the share prices of steel and aluminium makers rose on the news that President Trump is to place tariffs on imports (from exactly which countries he didn't say), shares in companies which use large amounts of steel immediately plunged: General Motors by 3.7 per cent, Ford by 3 per cent. It is always the same with protectionism.

SEOUL/SYDNEY: US President Donald Trump's planned tariffs on steel and aluminium will distort global trade and cost jobs, Australia's trade minister said on Friday, highlighting the risk of retaliatory measures as Asian exporters sought details on the plans.

Chancellor Angela Merkel's spokesman Steffen Seibert said the tariffs would hurt international commerce and that the US would not solve issues of global overcapacity of both steel and aluminium with "unilateral measures".

Inflation fears were further stoked Thursday when President Trump said he would slap a 25% tariff on imported steel and 10% on imported aluminum.

"The import restrictions announced by the US President are likely to cause damage not only outside the US, but also to the US economy itself, including to its manufacturing and construction sectors, which are major users of aluminium and steel", the IMF said.

US carmaker and plane manufacturer stocks closed sharply lower on Thursday, while stocks for metals producers in Europe and Asia plummeted on Friday morning's open.

"China doesn't get particularly hit by this, it's a pretty blunt instrument".

The US imports the most steel - 16% - from Canada.

"At the time, the Chinese Commerce Ministry voiced "strong dissatisfaction" with the proposed tariffs, and said they would "[aggravate] the global trade environment".

"We're going to build our steel industry back and we're going to build our aluminum industry back", Trump told reporters.

Juncker said that "none of this is reasonable, but reason is a sentiment that's very unevenly distributed in the world". The study concluded that steel and aluminum imports have undermined U.S. producers posing a threat to U.S. national security.

In 2002, the EU threatened to tax a range of US products as part of a "steel war" unleashed by the administration of George W. Bush.

This story will be updated as new information becomes available. "EU executive chief Jean-Claude Juncker called the tariffs a" blatant intervention to protect the United States' domestic industry", arguing the move had "no national security justification".

"This is the opening salvo in a trade war".

Mr Trump had earlier tweeted that many US industries had been "decimated by decades of unfair trade and bad policy".

"This will raise the prices of the US and global manufactures, and again increase the global steel prices", said Baek Jae-seung, an analyst at Samsung Securities.

Le Maire said that "all options are on the table" including retaliation before the World Trade Organisation and countermeasures to limit European imports of US goods. But Canada isn't alone in its concern.

The US Department of Energy said the steel industry was recovering after a slump following the 2008 financial crisis.

The logo for U.S. Steel appears above a trading post on the floor of the NYSE on March 2, 2018. That helped bring down stocks for the second day in a row.

"Just for context that is only about 2 months' worth of job gains or an extremely small 0.28% of total jobs", Porcelli said.

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