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US President Donald Trump tweeted on Thursday that the US steel and aluminum industries need "free, fair and smart trade". CNBC reported that Trump will make an announcement on tariffs at 11 a.m. ET (1600 GMT).
Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!— Donald J. Trump (@realDonaldTrump) March 1, 2018
Trump has vowed to take steps to crack down on imports of steel and aluminum and has been considering imposing hefty tariffs or quotas on imports of the metals from China and other countries under a national security law.
Detrick also said that investors were worried about retaliatory tariffs from China.
At 9:48 a.m. EDT the Dow Jones industrial average was down 68.78 points, or 0.27 percent, at 24,960.42, the S&P 500 was down 5.62 points, or 0.207087 percent, at 2,708.21 and the Nasdaq Composite was down 29.13 points, or 0.4 percent, at 7,243.88.