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President Donald Trump today unveiled a finalized plan to impose tariffs of 25 percent on steel imports and 10 percent on aluminum, with provisional exceptions for Canada and Mexico. The tariffs could trigger a trade war with the European Union, China and other countries unless they are also exempted.

The EU has threatened to retaliate against roughly $3.5 billion in U.S. exports if its member countries are hit with the duties. A battle at the World Trade Organization is also a possibility, as the EU and a number of other U.S. trading partners are expected to challenge the action before the international trade body if they are not given carve-outs.

Trump's tariff plan, which will go into effect in 15 days, is based on a rarely used trade law that allows the president to impose restrictions on imports to protect national security interests. The Commerce Department found in a pair of reports that cheap foreign imports of steel and aluminum, which most nations blame on Chinese overproduction, pose a threat to national security by hurting production capacity in the two domestic sectors.

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