Mubasher: The US President Donald Trump said that the US is set to impose heavy tariffs on imports of steel and aluminum, sparking concerns over a potential trade war and triggering a sharp sell-off in global markets.

The US would officially announce 25% tariffs on steel imports and 10% on aluminum next week, aiming to protect the country’s domestic producers, Trump told executives from the steel and aluminum industries on Thursday.

“We’re going to build our steel industry back and our aluminum industry back,” he added.

US President’s comments fueled global trade disputes and came in line warnings from US major trade partners like Europe and China.

“Our Steel and Aluminum industries have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!” Trump posted on twitter.