Trump will announce new tariffs on steel and aluminum

President Trump said on Thursday that the U.S. will be announcing new tariffs on steel and aluminum imports "sometime next week."

"People have no idea how badly our country has been mistreated...We’re bringing it all back.”

Why it matters: Trump's announcement would impose 25% tariffs on steel and 10% on aluminum and will be in effect “for a long period of time," said the president. The announcement came as a surprise to many administration officials. Per Axios' Jonathan Swan, this mirrors "a truly remarkable breakdown in process."