A 25 percent tariff is considered quite steep.
A more likely scenario is that other countries could respond with strategic tariffs and duties on other USA products, according to Chad Bown, a senior fellow at the Peterson Institute for International Economics.
When the value of the US dollar rises relative to other currencies, USA exports become more "expensive" to foreigners, and they buy fewer of them. But there are more than six million jobs indirectly tied to a host of steel-related businesses, from steel girders for buildings to steel wiring for concrete reinforcement.
The tariffs come at a time when domestic steel producers' balance sheets are steadily improving. The figure for February fell slightly from the previous month to US$21 billion, according to the latest data from the customs administration.
According to CNN Money, some US companies that may be hit by Trump's tariffs include Boeing, Caterpillar, Campbell Soup Company, Whirlpool, Ford, and General Motors. They all fear the chaos and consequences of retaliation that will disrupt global trade flows, while the WTO is concerned that using security as a ploy to raise protectionist barriers encourages other countries to do the same.
The U.K., European Union and Japan hope to negotiate exemptions from the tariffs. With the possibility of an exemption in mind, South Korean trade authorities will once again stress that Korean companies' investment in the US can contribute to the American economy and that Korean steel exports do not affect the U.S.' security and economy negatively.
"That being said, any benefits attributable to tariffs are likely to be outweighed by costs".
"As a close security and trade partner of the USA, the European Union must be excluded from the announced measures", she tweeted after bilateral and trilateral meetings.
Corbyn condemns Salisbury attack
In fact, so were the SNP and the Liberal Democrats - it was really just Corbyn who was the odd one out. Russia , also a member of the Security Council, has denied any involvement in the attack.
So what will the impact be and who will be affected by the move?
"This is not a trade negotiation", he said.
"A trade war will be catastrophic for China, the USA, and the rest of the world", he said.
What isn't speculation is how Trump's tariffs have brought countries to the negotiating table in only days. Section 232 of the Trade Expansion Act of 1962 allows tariffs to be imposed - without dumping investigations - provided there is a "national security" justification for the action. There might be some changes in the global economy, depending on how flexibly the new measure will be taken. I'm talking about Trump's planned tariffs on steel and aluminum; his threats of tariffs on automobile imports; his rambles about tariffs on solar parts and dishwashers.
European nations are already threatening to retaliate with tariffs of their own against such iconic American products as motorcycles, blue jeans and bourbon, among others.
In August, the president directed Lighthizer to investigate whether China's intellectual-property policies discriminated against US companies.
"But the problem is that tariffs pick winners and losers", says Whiting. This means production and employment in the USA export sectors fall. The deficit could be reduced by 35 percent if the United States eased export controls on high-technology products to China, he said, citing unspecified U.S. research. The three major economies take up almost half of South Korea's total outbound shipments. We're asking our readers what role - if any - tariffs should play in today's global trade.
Europe's trade chief Cecilia Malmstrom described talks with Lighthizer as "frank" and said they had not brought clarity on the exemption procedure.
The U.S. has been intensifying trade protectionism since a year ago. It was not clear when or where the meeting would take place.