Article snippet: Ordering combative action on foreign trade, President Donald Trump declared Thursday the U.S. will impose steep tariffs on steel and aluminum imports, escalating tensions with China and other trading partners and raising the prospect of higher prices for American consumers and companies. With "trade war" talk in the air, stocks closed sharply lower on Wall Street. Trump said firm action was crucial to protect U.S. industry from unfair competition and to bolster White House debate. It brought harsh criticism from some Republicans and roiled financial markets with concerns about economic ramifications. Overseas, Trump's words brought a stinging rebuke from the president of the European Commission. Though the president generally focuses on China in his trade complaining, it was the EU's Jean-Claude Juncker who denounced his plan as "a blatant intervention to protect U.S. domestic industry." Juncker said the EU would take retaliatory action if Trump followed through. Canada, the largest source of steel and aluminum imports in the U.S., said it would "take responsive measures" to defend its trade interests and workers if restrictions were imposed on Canadian steel and aluminum products. Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers." Trump, who has long railed against what he deems unfair trade practices by China and others, summoned steel and aluminum execu... Link to the full article to read more