Washington, March 2 (RHC)-- A trade war is looming on the horizon with U.S. President Donald Trump’s threat to impose steep tariffs on steel and aluminum imports.

On Friday emerging markets traded lower and some world leaders threatened to take retaliatory measures.

The European Union, Canada and China expressed “grave concern” about the newly announced U.S. trade policy.

European Commission President Jean-Claude Juncker denounced Trump’s trade plan as “a blatant intervention to protect U.S. domestic industry,”  and he said the EU would take retaliatory measures, it Trump implements his plan.

Canada said it would “take responsive measures” to protect its trade interests and workers if the restrictions are imposed on its steel and aluminum products.

Trump said Thursday the tariffs of 25 percent on steel and 10 percent on aluminum imports will be in effect for a long period of time and he announced  the measure will be signed “sometime next week.”