President Trump's unexpected announcement that he will slap a 25 percent tariff on steel imports and 10 percent on aluminum sent the U.S. stock market reeling Thursday, drew retaliatory threats from the European Union and Canada, and earned an expression of "grave concern" from China. On Friday morning, Trump seemed to welcome the financial upheaval.
Most economists — including his top economic adviser, Gary Cohn — disagree with the tariffs and idea of a cost-free trade war. The tariffs Trump announced Thursday, during what was supposed to be a listening session with steel and aluminum executives, surprised his staff and haven't even cleared a legal review, The New York Times reports.
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