President Donald Trump has told steel and aluminum executives that he'll impose import tariffs 'next week' in a bid to boost U.S. manufacturers.
His words to the executives: "You will have protection for the first time in a long while."
The president spoke at a hastily called meeting White House after hours of confusion over what - if anything - he was going to announce.
Trump tells reporters the import tariffs will be 25% on steel and 10% on aluminum.
Trump ordered a Commerce Department review of imports of both metals last year. He has until April to formally decide whether to support the department's recommendation to impose tariffs.
The move has raised concerns that it could launch a trade war with China.
Meanwhile, stocks are turning sharply lower in afternoon trading as talk of steep tariffs on steel and aluminum spook investors.
The Dow Jones industrial average dropped as much as 500 points Thursday.
Industrial companies that would take a hit from higher steel and aluminum prices fell sharply.
Heavy equipment maker Caterpillar fell 2% and aerospace giant Boeing gave back 4%.
Big exporters like Apple and drugmaker Pfizer, which would suffer if trade tensions picked up, also fell.
The Standard & Poor's 500 index dropped 41 points, or 1.5%, to 2,671. The benchmark index is coming off its worst month in two years.
The Dow was down 470 points, or 19%, at 24,554. The Nasdaq composite fell 127 points, or 1.8%, to 7,142.
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