Article snippet: MORE said Thursday that he will impose steep tariffs on steel and aluminum imports from around the world next week, defying Republican lawmakers who have pushed back against the move. Trump said he will announce tariffs of 25 percent on imported steel and 10 percent on aluminum from all countries that send their metals to the United States, a decision sure to lead to retaliation by key trading partners. “We'll be signing it next week. And you'll have protection for a long time in a while,” Trump said, casting the effort as a way to protect U.S. producers during a meeting with 15 steel and aluminum industry executives. “You'll have to regrow your industries, that's all I'm asking,” he said. Trump’s announcement was met with a strong backlash from Republicans, who issued a steady stream of statements criticizing his decision. Wall Street also reactive negatively. The Dow Jones industrial average initially dropped more than 500 points before it began to win back some of the losses later in the afternoon. “Tariffs on steel and aluminum are a tax hike the American people don’t need and can’t afford,” Senate Finance Committee Chairman MORE (R-Utah) said in a statement. Senate Agriculture Committee Chairman MORE (R-Kan.) called the plan “terribly counterproductive” and warned of retaliation that would likely target U.S. agricultural exports. China has already threatened to block imports of U.S. soybeans in response to the tariffs. Beijing's top trade official Lui He ... Link to the full article to read more