The news sent the Dow (and the balance in my retirement account) tumbling.
Both legislators on the left and right warned of consequences for consumers.
One of the conservative legislators that I most respect, Senator Mike Lee of Utah, hopes that a trade war with other countries can be avoided.
Sen. Mike Lee, R-Utah, said Trump's tariffs would be a "huge job-killing tax hike" on consumers.
"While I am sympathetic to the issues facing domestic steel manufacturers, there must be a better way to address the steel industries concerns, and I hope Congress and the executive branch can identify an alternative solution before these tariffs are finalized next week," Lee said in a statement.
If other nations retaliate, costs increase.
I share Senator Lee's hope. President Trump prides himself on his negotiation skills, so I am assuming that he announced that the tariffs would be finalized next week in order to strike a deal that contains positive news for American workers without the increased costs imposed on consumers by a trade war.