But the opening salvos of a trade war may be fired before that happens.
"They darn well know that the impacts on the USA economy will be major, and they will be negative", he said.
The very fact that the proposed steel and aluminum tariffs could be imposed on a global basis rather than specifically targeting one country means that the response across the globe is likely to be diffuse.
Most economists do not see the trade gap as money "lost" to other countries, nor do they worry about trade deficits to a large degree.
However, higher prices could take a significant toll on users of steel and aluminum.
To put it another way, it cost about US$400,000 per job saved in the steel industry, according to an estimate by the Peterson Institute for International Economics.
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Trump's remarks followed his announcement last week of the new taxes, and threats by the European Union to retaliate by taxing usa goods. Canada is the top supplier of both to the USA, with $15 billion a year in combined sales.
Officials within Alberta's steel industry are feeling uneasy about comments by U.S. President Donald Trump. In 2017, imports of steel and iron in the U.S. stood at 37 billion dollars, while those of aluminium accounted for 10 billion dollars of the total imports of goods worth 2.36 trillion. "NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A.", Trump wrote in a pair of tweets on Monday. Trump said the levies are necessary because America's steel and aluminum producers are being squeezed, posing a threat to national security in America's ability to manufacture weapons.
The United States, Mexico and Canada have been holding talks over changes to the North American Free Trade Agreement, a pact that Trump has threatened to abandon.
Mr Brady led a delegation of U.S. politicians to Mexico City to press officials on the need to conclude the talks, which have unnerved financial markets anxious about the possibility that the North American supply chain could be disrupted. But a year after taking office, the 1994 deal remains intact.
Josh Bolten, Bush's deputy chief of staff for policy in 2002, slammed Trump's tariffs on "Fox News Sunday".
Ryan added that Trump's plan was "more prone to retaliation", but he is encouraged that the administration plans to "focus on what is clearly a legitimate problem and be more surgical in its approach so we can go after the true abuses without creating any unintended consequences or collateral damage".
"The president, I don't think, was made aware of that", Gerard told CBC. "How do we make sure that we have a fair and level playing field?"
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Chairman, CEO and President of Nucor John Ferriola and U.S. Steel CEO Dave Burritt flank U.S. President Donald Trump as he announces that the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum during a meeting at the White House in Washington, U.S., March 1, 2018.
"It will be against Harley Davidson in Wisconsin, where Speaker Paul Ryan is from". Bourbon, from Majority Leader Mitch McConnell's state of Kentucky, is among the products named.
Hatch says in a letter to Trump he supports the president's goal of targeting foreign countries that don't compete fairly in trade. At the same time, unions representing USA steelworkers are pleased.
The WTO's powers to respond are questionable - and with Trump's policies already stymying the organisation's ability to do its job, the WTO would fear he might now walk away completely. "I don't know how much it's going to be or how much impact that is going to have".
Trump said a week ago the steel and aluminum tariffs are for the protection of USA workers - and suggested he welcomes a trade war.
"To the extent that we're successful in renegotiating NAFTA, those tariffs won't apply to Mexico and Canada", he told lawmakers.
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