http://abcnews.go.com/Politics/trump-imposing-tariffs-steel-aluminum-imports/story?id=53440654Wall Street's reaction was sharply negative with the Dow closing down more than 400 points, with traders concerned that a company like General Motors will have to pay more for the steel and aluminum in its cars and trucks, likely passing on increased costs to consumers.
And Trump's announcement faced an immediate backlash on Capitol Hill, notably coming from an unexpected quarter: his Republican allies on Capitol Hill.
Utah Republican Sen. Orrin Hatch, a long-time Trump ally and supporter, said the president should "carefully consider all of the implications."
“Tariffs on steel and aluminum are a tax hike the American people don’t need and can’t afford. I encourage the president to carefully consider all of the implications of raising the cost of steel and aluminum on American manufacturers and consumers," Hatch said in a statement.
Hatch, as chairman of the Senate Finance Committee, authored the legislation to overhaul the nation's tax code policy, which the GOP has touted as a tax break for the American people.
Sen. Ron Johnson, R-Wis., called the announcement "concerning."
"The president’s announcement that he plans to levy higher taxes on materials that Wisconsin’s manufacturers and consumers purchase is concerning. I plan to work with my colleagues and the administration to ensure fair, robust trade policies that protect our state’s workers and consumers," Johnson said in a statement.
Pennsylvania Republican Sen. Pat Toomey called the decision a "big mistake."
"Changing course from this approach by invoking national security as a means of imposing new, huge tariffs on all kinds of imported steel is a big mistake that will increase costs on American consumers, cost our country jobs, and invite retaliation from other countries," Toomey said in a statement.
