President Donald Trump is prepared to formally announce increased steel and aluminum tariffs March 8, according to NPR.
Mr. Trump's proposal, first introduced March 1, would increase the steel tariff to 25 percent and and the aluminum tariff to 10 percent.
"We're going to build our steel industry back, and we're going to build our aluminum industry back," Mr. Trump said, according to NPR. "They've been horribly treated by other countries, and they have not been properly represented. More importantly, because of that, workers in our country have not been properly represented."
Many financial experts expressed concern the new policies could lead to an international trade war, though White House Press Secretary Sarah Huckabee Sanders said exceptions on the tariffs may be made for certain countries.
"There are potential carve-outs for Mexico and Canada, based on national security, and possibly for other countries as well," said Ms. Huckabee Sanders, according to NPR.