Goldman Sachs: Trump's tariffs will benefit Russian Federation and China

US President Donald Trump speaks on steel and aluminum tariffs during a meeting with industry leaders in the Cabinet Room of the White House

While Trump has regularly railed about China's trade practises, the impact of the tariffs of 25 per cent on imported steel and 10 per cent on aluminium may be most felt by USA allies, the European Union, Canada and Mexico.

On Monday morning, Trump tweeted that Canada and Mexico would only be exempt from the tariffs, which consist of a 25 percent tax on steel imports and a 10 percent tax on aluminum imports, if they take Trump-friendly steps on NAFTA and drug trafficking.

USA trade partners, including Canada and European Union, said that the U.S. actions were unacceptable and they reserved the right to retaliate if the United States import restrictions hurt their workers at home countries. "Massive relocation of companies & jobs", Trump wrote.

He added, "Also, Canada must ... treat our farmers much better. But if they aren't going to make a fair NAFTA deal, we're just going to leave it this way".

Trump appeared unconcerned by fears of a "trade war" between various countries over his proposed tariff. Trump told reporters he will not scrap his plan despite concerns of a trade war.

Trump administration officials said Monday that the tariffs will be made official in the next two weeks.

"Changes to the existing tariff structure could negatively impact our current USA production and further expansion", Hyundai spokesperson Jim Trainor said, implying that the tariffs could limit Hyundai's building of cars in the US.

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"In such a trade war there are only losers on all sides", Bernhard Mattes, president of Germany's VDA automotive industry association, said in a statement.

Moreover, the research didn't take into account any potential retaliation against U.S. exports, signalling the real impacts are likely to be much larger.

Trump said the European Union has "trade barriers far worse than tariffs", and again threatened to "tax their cars" if they go through with their response.

"No, we're not backing down", Trump said in the Oval Office during a meeting with Israeli Prime Minister Benjamin Netanyahu.

Trump's aversion to German auto imports had manifested before. When services - not jut goods - are figured in, the US has a trade surplus with the Great White North.

Canadian Foreign Minister Chrystia Freeland, Mexican Economy Minister Ildefonso Guajardo and U.S. Trade Representative Robert Lighthizer are due to make separate statements to the media at a joint event later on Monday, the sources said.

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