>> By next week we'll be imposing tariffs->> Those words petrified world markets, but now comes the real fallout from President Trump's stunning decision on tariffs. The European Union on Friday said it has already targeted $3.5 billion in US exports for potential tariffs. And Canada is promising retaliation of its own.
>> You're gonna see a lot of good things happen.>> This as President Donald Trump's stays determined to slap tariffs on low cost imported steel and aluminum, much of it from from Asia. Trump defending the move on Twitter saying, quote, when a country is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win.
Correspondent David Shepherdson says many believe Trump is flat wrong.>> The US stock markets fell substantially and markets around the world have also fallen on fears that these tariffs would lead to higher prices for goods made with aluminum and steel. And retaliatory actions for the countries. They had companies like MillerCoors and Budweiser say that this higher price is gonna affect everything from the cost of beer to every product that uses aluminum and steel.
Toyota said that this would lead to higher prices for cars and trucks because it would raise the price of steel and aluminum. Most economists agree this would raise the prices of most goods that use steel or aluminum as an input.>> One group happy with the tariffs, Trump's blue collar base, but those who would benefit, Shepherdson says, are vastly outnumbered by those who could be hurt.
>> There's about 140,000 steel jobs in the US, there are about 6.5 million jobs that rely on using steel to build products.>> Trump's answer, blame China.>> President Trump argues that low cost Chinese steel, which is for the most part not coming to the US, but flooding other markets, is costing American jobs.
Because this low cost Chinese steel is going to other markets, as a result, steel from other countries is coming to the US.>> Still, the anti-tariff drumbeat keeps building including from within the White House. With aides such as top White House economist Gary Cohn reportedly feeling blindsided. But if Trump can pull this off, it opens the door to move forward on even more of the America First agenda that ushered him into the White House.