UPDATE: Here are the details on Trump's tariffs on steel and aluminum
By Robert Schroeder, MarketWatch
Canada, Mexico get immediate exemptions
President Donald Trump is moving ahead with tariffs on steel and aluminum, bucking many members of his own party as he seeks to reinvigorate U.S. industry and protect national security.
Here are the details of what Trump is ordering (https://www.whitehouse.gov/presidential-actions/presidential-proclamation-adjusting-imports-steel-united-states/), according to a senior administration official:
-- Tariffs of 25% on imported steel and 10% on aluminum.
-- Canada and Mexico will be excluded for now, as the U.S. discusses its national security relationships and the North American Free Trade Agreement with both countries.
-- Tariffs could be modified for other countries, such as Australia, which Trump called a "long-term partner" at a cabinet meeting.
Related:Trump tariffs may lead to re-run of 1980s-era 'voluntary' trade deals (http://www.marketwatch.com/story/trump-tariffs-may-lead-to-re-run-of-1980s-era-voluntary-trade-deals-2018-03-08)
-- The tariffs will go into effect March 23.
The tariffs are being imposed under a law that allows action to defend national security, and the official said both materials are critical to the U.S.'s defense industrial base.
Trump's announcement is certain to inflame tensions with congressional Republicans, many of whom have urged him to hold off on sweeping tariffs.
See:Group of House Republicans tells Trump to 'tailor' tariffs (http://www.marketwatch.com/story/group-of-house-republicans-tells-trump-to-tailor-tariffs-2018-03-07).
Also read: Trump steel tariffs to hit these 8 countries the hardest -- and China isn't one of them (http://www.marketwatch.com/story/trump-steel-tariffs-to-hit-these-8-countries-the-hardest-china-is-not-one-of-them-2018-03-01).
-Robert Schroeder; 415-439-6400; AskNewswires@dowjones.com
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03-08-18 1645ETCopyright (c) 2018 Dow Jones & Company, Inc.