ALSO READTrump announces steel tariffs amid mounting global dissent WTO chief says 'clearly concerned' over new Trump tariffs China slams Trump's move to impose tariffs on steel, aluminium imports Commerce Dept. backs tariffs on imported aluminum and steel Brazil vows action to 'protect its interests' after US tariff move
In an announcement that sparked fears of a global trade war, Trump said the tariffs -- which will come into effect after 15 days -- will not initially apply to Canada and Mexico.
He also said that close partners on security and trade could negotiate exemptions.
Some US allies have already vowed retaliation with the EU promising tariffs on items from steel to peanut butter, bourbon and denim -- most of which are produced in states that Trump needs if he is to win re-election.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)