President Donald Trump said the U.S. plans to impose 25 percent tariffs on steel imports and 10 percent on aluminum, and expects to sign a formal order next week. The stock market got hit hard on the news while stocks in the steel sector are reaction, with US Steel (X) and AK Steel (AKS) big movers.

“We’ll be imposing tariffs on steel imports” and “on aluminum imports,” Trump told metals industry executives at the White House on Thursday. “Some time next week we’ll be signing it in. And you’re going to have protection for the first time in a long time.”

“It will be 25 percent for steel. It will be 10 percent for aluminum,” he said in response to a question from reporters.

There was confusion Thursday morning after the White House retreated from an announcement over trade. On Wednesday night, Trump looked set to announce stiff tariffs on steel and aluminum, and industry CEOs were sent a last-minute invitation to the White House for a meeting with the president planned for Thursday. Trump then held a “listening session” with chief executives included ArcelorMittal USA’s John Brett, Nucor Corp.’s John Ferriola and Century Aluminum Co.’s Mike Bless.

Trump has been considering a range of options to curb imports of steel and aluminum, after the Commerce Department concluded that shipments of the two commodities hurt U.S. national security.

“Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world,” Trump said in a Twitter posting Thursday morning. “We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!”

A U.S. move on tariffs may provoke retaliation from China, the world’s biggest steel and aluminum producer. China has already launched a probe into U.S. imports of sorghum, and is studying whether to restrict shipments of U.S. soybeans — targets that could hurt Trump’s support in some farming states. While China accounts for just a fraction of U.S. imports of the metals, it’s accused of flooding the global market and dragging down prices.