Transcript for Trump hits Europe, Canada and Mexico with stiff tariffs on steel and aluminum

The president slapping new tariffs on steel and aluminum imports from America's closest neighbors and allies Canada Mexico and the EU. The Dow falling 250 points but prices could soon be going up. On everything from appliances to your favorite vehicles ABC's chief business correspondent Rebecca Jarvis tonight on why. President trump has been signaling for months he could take action. We've been taken advantage of by the world. That's not going to be happening anymore. And tonight the White House escalating backed free battle targeting some of our closest allies. You're up Canada and Mexico which stiff new tariffs on steel and aluminum. Per can consumers the new rules could mean higher prices on everything from appliances to airplanes canned drinks and car. A trade group for US auto maker says these tariffs will resulted in increase in the price of domestically produced steel threatening the industry's global competitiveness. And raising vehicle costs spark customers. Taped -- example Ford's F 150 the engine and transmission both made here in the US assembled here to. But some of the aluminum in that truck comes from Canada. Let me be clear. These tariffs. Are totally unacceptable. Tonight our allies countering with there road tariffs on hundreds of US goods including everything from blue jeans to Burr ban peanut butter to pork to cram marries. And toilet paper. Let's get to Rebecca Jarvis she's live from the New York Stock Exchange denied a Rebecca these new tariffs are set to take effect at midnight tonight. Yes that's right David and it's unclear how quickly consumers might feel that let you can imagine the backlash. Fanny price hikes considering that corporate America. Will be saving about eighty billion dollars this year because of the tax cut they've edged Rebecca Jarvis tonight live in New York Rebecca thank you.

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