President Donald Trump (C) speaks during a meeting with steel and aluminum executives（R） in the Cabinet Room of the White House, Thursday, March 1, 2018, in Washington. (File photo)

Washington (People's Daily) — US President Donald Trump announced on Thursday he would impose steep tariffs on imported steel and aluminum to protect US producers.

Eariler today, steel and aluminum executives had a meeting with Cabinet members and Trump administration officials at the White House.

Trump said the duties of 25 percent on steel and 10 percent on aluminum would be formally announced next week although White House officials later said some details still needed to be ironed out.

Last month, the Commerce Department recommended putting heavy tariffs or quotas on foreign producers of metals.

Thursday morning, Trump tweeted that American steel and aluminum industries, "Have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!"

The Dow dropped 420 points on Thursday after President Trump said his administration will impose tariffs on steel and aluminum imports. The Nasdaq and the S&P 500 declined 1.27% and 1.34% apiece.