President Donald Trump seems poised to finalize new tariffs on steel and aluminum imports after years of fiery threats to confront allies and rivals alike on trade, NBC News reported.
The White House hasn't officially announced its plan, but Trump has said he intends to impose a 25 percent steel tariff and 10 percent aluminum tariff and added Thursday that he'll have a 3:30 p.m. ET meeting at the White House on the subject.
If they go into place, tariffs will help U.S. companies, with an expert at the Economic Policy Institute telling NBC News "we can help industries recover."
But other countries could retaliate with tariffs on U.S. goods — the European Union is mulling 25 percent tariffs on iconic American products — that could impact the economy. President George W. Bush's advisers concluded steel tariffs imposed in 2002 cost more U.S. jobs than they were worth.