Higher production could lead to hiring by the shrunken US steel industry, which Trump has called a major goal of his new import taxes.
The president said that North American neighbors Canada and Mexico would not get any relief from his plan to place the tariffs on the imports but suggested he might be willing to exempt the two longstanding allies if they agreed to better terms for the North American Free Trade Agreement.
The Swamp, in short, is not happy. We cannot see how the European Union, as friends and allies, can be considered a threat to global security in the US.
House Ways and Means Chairman Kevin Brady of Texas and other House Republicans are seeking to blunt the tariffs' impact by adding an "exclusion process" allowing American companies to petition for duty-free access for imports that aren't available from United States sources.
Amid fears of a trade war, the president reiterated "trade wars aren't so bad" and said any tariffs would be imposed in a "long, loving way".
That prompted Trump to fire back a threat to tax cars from the European Union, further fueling fears of a full-on transatlantic trade war erupting.
"What we're encouraging the administration to do is to focus on what is clearly a legitimate problem and to be more surgical in its approach", Ryan said. A 25% duty on steel and 10% on aluminium imports for an unspecified period comes close on the heels of the safeguard tariffs imposed in January on solar panels and washing machines.
"And what do we get for that?"
"But again, (with) other countries, we won't have that choice. All we are asking for is fair and reciprocal trade". Access to cheaper goods is the economic equivalent of a pay raise for every American consumer. "Under my administration", Trump boasted in his speech to CPAC last month, "the era of economic surrender is over".
Benchmark prices for hot-rolled coil in the USA have already hit US$800 per tonne, up $215 since mid-October, marking a seven-year high, according to a research note from BMO Capital Markets.
"We are the leading primary metal supplier for those products that are used to manufacture for example the Ford F150", said Gagnon.
Tariffs are much like the out-of-state tuition that state colleges charge students whose families have not supported the college through taxes. ArcelorMittal is one of the world's largest steelmakers, with plants in Europe and Asia as well as the Americas; S&P didn't estimate the net impact of tariffs on foreign and multinational companies.
His guest, Stefan Lofven, said: "I am convinced that increased tariffs will hurt us all in the long run". This would help the president say he delivered on his promise and still try to avoid possible negative consequences, said Stephen Moore, a former campaign adviser and now an economist with the conservative Heritage Foundation.
Opponents charge that the tariffs could destroy more jobs than they create, risk alienating United States allies and that American consumers will end up paying more for a range of products from cans of beer to cars. He told Larry King that he was "tired of watching other people ripping off the United States".
Republicans opposed to Mr. Trump's approach worry that the hefty tariffs could undermine recent tax initiatives to lure investment.
Farm groups representing producers of wheat, corn and soybeans, the top US crop exports valued at almost $37 billion a year ago, joined criticism of the proposed tariffs on Monday.
George Bush tried a similar tariff.