John Bozzella, who represents Global Automakers, a trade group representing foreign automakers, said, "investments earmarked for new products and plants will instead be funneled to pay for rising steel and aluminum prices used in existing products and facilities".
Mitchell said China could end up slapping their own taxes on major Iowa exports like soybeans, corn and pork - and they could come quickly. Mexico, China and Brazil have also said they are considering retaliatory steps.
On Friday morning, Trump tweeted about the possibility of a trade war, posting that they are "easy to win".
He later followed this up with a further tweet, saying the USA must "protect our country and our workers".
Due to the high level of integration of the Canada-US steel industries, he added, "these proposals are going to hurt them every bit as much as they will hurt us". The industries in the two countries are integrated, and trade with each other.
Trump's decision to set the tariffs was made Wednesday night, with officials saying Trump was "angry and gunning for a fight", with one official having described him as becoming "unglued" when he made the decision. Introducing trade barriers on a tit-for-tat basis has the potential to harm companies on both sides.
And he warned Mr Trump that Britain's experience showed his plan would not work. His campaign rhetoric drew heavily on the perceived threat to traditional United States industries from foreign interlopers acting unfairly. Mr. Smoot and Mr. Hawley were unavailable for comment.
This time, with steel and aluminum tariffs, he is facing a backlash from inside the United States, and still seems to be forging ahead.
Specifics of Trump's plans are still unclear, but Canadian Foreign Minister Chrystia Freeland has vowed that the country would take "responsive measures" if it's not exempted from Trump's tariffs.
Khawaja Mamun, chair of the business and economics department at Sacred Heart University, said the beverage industry isn't exaggerating the likely negative effects of the new tariffs.