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A more recent example of negative reactions to trade tariffs came in 2002, when George W. Bush's administration put steel tariffs in place and ended up reversing them a year later because of the negative reaction that unfolded both economically and internationally.

The European Union announced shortly after the steel tariff that they would be imposing retaliatory tariffs for U.S. products and the World Trade Organization eventually ruled that the move was a violation of existing agreements.

\"PHOTO:
Jeff Kowalsky/Bloomberg via Getty Images
PHOTO: Piping stands on top of the Ford Motor Co. assembly plant in Flat Rock, Mich., Jan. 3, 2017.
>

\"If you look historically at the ways countries have retaliated against the United States, they primarily target our agricultural products. And that's done for political reasons because they realized the farm lobby carried a lot of weight in Congress and so it's done to create pressure in Washington,\" Alden said.

There are also diplomatic rules and norms that are different, and potentially more damaging, in Trump's case versus Bush's. Alden says that rather than classifying the move as a safeguard measure, like the Bush administration did, the Trump administration plans to impose the tariffs on national security grounds.

\"By doing this, the U.S. opens the door for every other country in the world to block imports on the same grounds,\" Alden said.

\"That could have enormous knock-on effects,\" he said.

He gave examples of Russia, China, or Brazil, saying they're not going to import American corn because it threatens their national food security, or refusing to import Boeing airplanes in favor of developing their own national air presence.

Hamrick also imagined that the national security claim could cause other diplomatic issues.

\"One wonders how penalizing our leading suppliers of foreign steel, namely Canada, South Korea, Brazil, and Mexico, will make us safer or more economically secure,\" Hamrick said in the statement.

\"PHOTO:
Scott Eisen/Bloomberg via Getty Images
PHOTO: A pedestrian walks past the Wynn Boston Harbor Resort Casino under construction in Everett, Mass., Feb. 7, 2018.
>

Impact on consumers

There are two tangible ways the tariffs, if put into effect, could impact American consumers: in price increases on daily goods and possible job losses.

Jarvis said American manufacturers \"will have to pay more for those materials and that could ultimately mean price hikes for customers, for consumers.\"

\"Think of any product that comes in a can -- beer, soda -- that uses aluminum and steel -- cars, building materials like wiring and beams -- all of those businesses see their costs go up and the question is, if that's the case, how much of that do they ultimately pass along to consumers and what is the ripple effect of that on the economy?\" Jarvis said on \"Good Morning America.\"

Commerce Secretary Wilbur Ross dismissed concerns about price hikes on consumer products, telling CNBC this morning that any increase would be insignificant.

\"In a can of Campbell's Soup, there are about 2.6 pennies worth of steel. So if that goes up by 25 percent, that's about six-tenths of one cent on the price on a can of Campbell's Soup,\" Ross said during an interview on \"Squawk on the Street.\"

\"I just bought this can today at a 7-Eleven down here and it's priced at a $1.99. Who in the world is going to be too bothered by six-tenths of a cent?\" said Ross, whom Forbes estimates is worth $700 million.

\"PHOTO:
Michael Nagle/Bloomberg via Getty Images
PHOTO: Canned vegetables are displayed for sale at store in Hackensack, N.J., June 8, 2017.
>

As for a boost in jobs, that can be expected in the steel and aluminum industries, which will likely be hiring more staff to meet the rising demand. But Alden said those numbers are not expected to offset those lost by industries hit by the increase in the price of the metals.

Looking back at the steel tariff increase during the Bush administration, Alden said: \"We saw more jobs lost in automobiles and construction and other steel-consuming industries than were gained in steel-producing industries.\"

\"I think that the defense and commerce departments and others should work fiendishly over the next several weeks to turn this into a far more targeted and less damaging action,\" Alden said.

\"This action hurts all of America's friends, damaging them rather than working with them,\" he said.

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