Analysts at Citi crunched the numbers on what a 25% tariff on steel and aluminum imports would mean. They point out the U.S. imports about 25% of its steel supply, of which 80% is tariff free due to agreements with Canada,

"We need to create in order to protect our country's future and the resurgence of U.S. manufacturing and production." Trump also said he would be announcing "reciprocal tariffs" in the coming days.