US Steel Tariffs: China: Trump's tariffs to have 'huge impact' on global trade

Meanwhile, China is warning that US President Donald Trump's promise of new tariffs will hurt global trade. The Commerce Ministry criticized the plan to impose tariffs of 25 percent on steel and 10 percent on aluminum.

It said the move would seriously damage trade and possibly violate World Trade Organization rules.

If the tariffs hurt Chinese interests, China says it will work with other countries to protect itself.