US steel tariffs chart
Trump said that the US had been "ripped off" by other countries on trade.
"We are extremely anxious about the consequences of a trade war and are urging the White House to not advance with this plan", said AshLee Strong, Ryan's spokeswoman.
While there is scant detail on what the tariffs would look like, the North American automobile industry stands to be seriously affected.
"It is important in this context that the European Union reacts swiftly and proportionately within the WTO and in respect of the WTO", Macron told journalists.
Not surprisingly China was the most diplomatic, expressing "grave concern" and according to The Guardian newspaper, adding "China urges the U.S. to exercise self-restraint, not to implement trade protection tools, confront multilateral trading rules and make a contribution to global trade regulations", quoting Hua Chunying, a foreign ministry spokesperson.
On Friday, the president tweeted that "trade wars are good, and easy to win". Trump's remarks came during a luncheon for Republican donors at his South Florida estate.
The US imports steel from more than 100 nations and brings in four times more steel from overseas than it exports. A senior Chinese official said the tariffs could "damage bilateral relations and bring about consequences that neither country wants to see".
Europe imposes a 10 per cent tariff on US-built cars.
However, European vehicle makers also have factories in the USA, employing thousands of American workers who would also be vulnerable in a trade war.
For example, German automakers Volkswagen, Daimler AG and BMW AG build vehicles at plants in the U.S. and BMW employs more than 9,000 workers in SC, making it one of the state's largest employers.
China has been in Trump's crosshairs over its trade practices since his presidential campaign, but its steel and aluminium exports to the United States are minimal.
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He says it incentivizes domestic businesses to outsource for cheaper labor, leaving them reluctant to negotiate on the issue. Trump's tweet helped push the Canadian dollar down to C$1.2988 to the US dollar, the lowest level since July 7, 2017.
Why go after European cars?
"We have large trade deficits with Mexico and Canada".
According to United States customs data, Taiwan's steel product exports to the USA past year totaled US$3.62 billion, accounting for 5.61 percent of total U.S. imports, while Taiwan's aluminum product exports to the USA totaled US$57.12 million, or 0.33 percent of overall USA imports.
"It's our identity. It's our legacy", Loomis said, adding he and other chamber members were "gobsmacked" by Trump's announcement.
It's also not the first time he has threatened to tax European cars.
And will Australia be impacted by Trump's tariffs?
It's still unclear at this stage.
Donald Trump has doubled down on his decision to impose tariffs and steel and aluminium imports, suggesting it will apply to "our friends and enemies".
The scenario of possible exceptions came after Trump's surprise announcement on Thursday and subsequent aggressive business lobbying against the tariffs, an outcry from U.S. trading partners, including Australia, and criticism from fellow Republicans. "We'll see. The president makes the decisions", he told NBC News.
"The President is going to quickly find out that you can't start a trade war with your allies and expect them to work with you on other issues", said Jamie Fly, senior fellow at the German Marshall Fund.
Economists - and even Mr Ciobo - has warned that if it got bad enough, there was a possibility it could lead to a recession.
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