Brian Jacobsen, multi-asset strategist at Wells Fargo Asset Management, said that the risks of retaliatory tariffs is prompting him to add to emerging markets and worldwide stocks but at a slow pace, despite the fact that they look more attractive on a fundamental basis.
The European Union, the world's biggest trade bloc, chimed in.
The Alliance of Automobile Manufacturers, a major industry trade group, warned the tariffs will also drive up the price of steel made in the US - a cost that it predicts will be passed along to consumers through higher prices on vehicles.
Yet Ashwin Alankar, head of global asset allocation at Janus Henderson Investors, said that he remains a fan of large-capitalization United States stocks despite the likelihood of higher trade costs and inflation.
A Mexican government official also denied that any concessions were offered to Washington.
The tariffs also come at a time when retailers are rushing to remodel their stores and build huge e-commerce distribution centers that require steel, Quach noted.
"If you do that, kiss good-bye any possibility of. well, basically anything", the official added. In the event he exempted Canada and Mexico, fellow members of the North American Free Trade Agreement which he is trying to renegotiate.
However, trump said that the negotiations on NAFTA for him to play a special role, and if they fail, the duty may be imposed and for Canada and Mexico.
Gov. Jeff Colyer, also a Republican, said Thursday that he, along with several Kansas business groups, had written a letter to the president expressing Kansas' interest in NAFTA while supporting efforts to update the pact, which he said helps support more than 120,000 jobs in Kansas.
Top staffers are heading for the exits, the Russian Federation investigation continues to loom and Trump is facing growing questions about a lawsuit filed by a porn actress who claims her affair with the president was hushed up.
U.S. Steel lauded Trump's tariffs and said it would be restarting one of its two idled blast furnaces at a steel plant in IL that will create 500 new jobs.
Saturday's meeting was held after Canada, Mexico and Australia secured exemptions from steel and aluminum tariffs announced last week by President Donald Trump.
But most analysts think China will manage to reroute aluminum to other countries exempt from Trump's tariffs.
The U.S. has a global trade deficit of $800 billion.
Trump signaled yesterday he'd hold the exemption as a bargaining chip to play if he didn't get what he wants for the US out of the NAFTA negotiation.
"We will continue to urge the administration to narrow this policy so that it is focused only on those countries and practices that violate trade law", he said.
The 10% tariff on aluminium and 25% tariff on steel would make goods in some sectors such as defence, auto, an aerospace more costly to produce and expensive to buy.
Mexico and Canada, both of whom are among the largest steel exporters to the US, have already been excluded from the tariffs.
The president´s move will spark "swift and highly targeted" retaliation from overseas, with countervailing tariffs on USA exports, said Christopher Plummer, president of Metal Strategies, a consulting firm that analyzes the industy.