Trump signs new tax on steel and aluminum imports despite critics

Canada and Mexico will be exempt from the tariffs for now.
3:46 | 03/08/18

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Trump signs new tax on steel and aluminum imports despite critics
Tonight, what would a trade war mean for jobs right here at home? A reality check and the numbers. The growing outrage over this video. A man walking home from work, accused of jaywalking, ending up on the ground and et bbeaten. Tonight, the police chief offering to resign. Could there be a new storm brewing? What the models show at this hour. As nearly a million Americans go into the night without power and heat. A police cruiser answering a call, and at nearly 80 miles per hour slams into a mother's car. Killing the son. Why the officer is now suing the mother. Good evening, and it's great to have you with us here on a Thursday night, and we begin with those two breaking headlines. President trump a short time ago entering the white house briefing room himself, proclaiming an announcement is coming from South Korea on the north. Amid reports, could there be a meeting in the works now between the president and Kim Jong-un? That came just hours after the president signed off on the controversial tariffs on steel and aluminum coming into this country. He lost his top economic adviser over this over fears of a trade war, and ultimately losing American jobs. We have it all covers beginning with ABC's chief white house correspondent, Jonathan coral tonight. Reporter: Defying America's allies, Republican leaders and many of his own advisers, the president, surrounded by steelworkers, made it official. Signing a big new tax on imported steel and aluminum. The American steel aluminum industry has been ravaged by aggressive foreign trade practices. It's really an assault on our country. It's been an assault. Reporter: The tariffs, 25% on steel and 10% on aluminum, will be imposed on all imported steel. Except from Canada and Mexico which are exempt, but only for now. At cabinet meeting earlier, the president said he was flexible. Sticking with 10% and 25% initially. I'll have the right to go up or down depending on the country, and I'll have the right to drop out countries or add countries. We just want fairness. Reporter: The president calls the tariffs a matter of national national security, but sources familiar with the deliberations tell ABC news that national security adviser, H.R. Mcmaster and defense secretary James Mattis are both opposed. So is the president's top economic adviser Gary Cohn, who decided to resign after the president ignored his advice. Today, the president offered Cohn a back-handed compliment. He may be a globalist, but I still like him. He is seriously a globalist. There's no question. But you know what? In his own way, he is a nationalist because he loves our country. Reporter: In congress Republicans overwhelmingly oppose the tariffs. I think you'll have a lot of unintended consequences, you'll have a lot of collateral damage. Reporter: An analysis by the non-partisan trade partnership projects the trump tariffs on steel and aluminum would result in a net loss of 146,000 American jobs in a single year alone. The president surprised the world last week announcing how steep the tariff would be at the tail end of a meeting. It will be 25% for steel. It will be 10% for aluminum. Reporter: Since then several U.S. Trading partners have threatened to impose tariffs of their own on iconic American products. Including bourbon from senate leader Mitch Mcconnell's home state of Kentucky, harley-davidson motorcycles made in speaker Ryan's home state of Wisconsin, and jeans from levi-strauss, which just happens to be headquartered in democratic leader Nancy Pelosi's San Francisco district. But that wasn't enough to stop president trump today. So let's get to Jon Karl live at the white house. A lot to break down with you tonight. These tariffs don't go into effect for 15 days and tonight an all-out effort under way, and

This transcript has been automatically generated and may not be 100% accurate.

{"id":53623156,"title":"Trump signs new tax on steel and aluminum imports despite critics","duration":"3:46","description":"Canada and Mexico will be exempt from the tariffs for now.","url":"/WNT/video/trump-signs-tax-steel-aluminum-imports-critics-53623156","section":"WNT","mediaType":"default"}