Trump's impending tariffs on steel and aluminum send market tumbling

Traders at the New York Stock Exchange. — (Image credit: Spencer Platt/Getty Images)

President Trump announced Thursday that next week he will formally impose a tariff of 25 percent on steel imports and 10 percent on aluminum imports — news that sent the Dow Jones Industrial Average tumbling more than 500 points, or more than 2 percent.

Treasury Department officials had been concerned about the market reaction during debates Wednesday night over announcing the tariffs, although by late Thursday morning it appeared critics of the plan had temporarily stalled such a public declaration, Politico reports. Trump then made the announcement during a listening session, and tweeted: "We must not let our country, companies, and workers be taken advantage of any longer. We want free, fair, and SMART TRADE!"

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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.