World hits back against Trump's tariff plan

The International Monetary Fund has joined a chorus of criticism of US President Donald Trump's plans to impose hefty tariffs on steel and aluminum imports.

Ordering combative action on foreign trade, Trump declared on Thursday the US would 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.

Trump said the duties of 25 percent on steel and 10 percent on aluminum would be formally announced soon.

They will hit producers like China, Canada and Brazil.

The European Union and Canada have said they will take countermeasures.

President of the European Commission Jean-Claude Juncker said the EU will "impose an imputative tariff." 

"It is very easy, we have to do that, we have to put imputative tariffs on motorcycles, Hardly Davidson Motorcycles, jeans, Levi's jeans. We can be that stupid, we have to be that stupid, I would have preferred us not having to do that but we have to do that but with a burning concern actually that in some parts of the world, populism is becoming official politics, and not only there, a part even here," he said.

Canadian Prime Minister Justin Trudeau, meanwhile, said Canada buys "more steel from the United States than any other country and disruptions to this integrated market would be significant and serious."

"That's why we are impressing upon the American administration the unacceptable nature of these proposals that are going to hurt them every bit as much as they will hurt us. And we're confident that we're going to continue to be able to defend Canadian industry," he continued. 

Meanwhile, the World Trade Organization has also warned a trade war is in no one's interests.

TRT World’s Angela Murphy has more.