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China today demanded US President Donald Trump to revoke his decision to impose steep trade tariffs on foreign steel and aluminium, saying it "firmly opposed" the move which will seriously undermine worldwide trade order.

Trump is imposing the tariffs using a rarely employed trade provision known as Section 232 of the Trade Expansion Act of 1962, claiming a national security rationale for protecting the domestic steel and aluminium industries, reports CNN.

"We have been very clear that (the United States decision) is not in compliance with the WTO", she said.

Several industry trade groups have warned that the newly imposed steep tariffs on steel and aluminium imports to the United States could prompt a trade war.

Retaliatory tariffs placed on US products could impact 11 states where exports account for more than 10 percent of gross domestic product.

Trump's sudden push for the tariffs last week triggered fears of a global trade war and rattled financial markets.

Washington made a decision to impose tariffs of 25 and 10 percent on steel and aluminum imports, respectively.

"Instead of putting a tariff on the entire world, he could have identified six, maybe eight countries that really are abusive in terms of their pricing", Lynch said.

"We have a very close relationship with Australia", Mr Trump said ahead of the formal announcement of his tariffs plan.

He added: "We urge the administration to take this risk seriously".

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President Donald Trump is suggesting that Australia and "other countries" may be exempted from steel and aluminum tariffs, along with Mexico and Canada.

She said: "It is entirely inappropriate to view any trade with Canada as a national security threat to the United States".

"If the same goals can be accomplished by other means, America will remain open to modifying or removing the tariffs for individual nations, as long as we can agree on a way to ensure that their products no longer threaten our security", he said.

The looming departure of White House economic adviser Gary Cohn, a former Goldman Sachs executive who has opposed the promised tariffs, set off anxiety among business leaders and investors anxious about a potential trade war.

"I am pleased that the President has listened to those who share my concerns and included an exemption for some American allies, but it should go further".

Canada and Mexico have objected to tying the tariff issue to NAFTA, as it essentially stacks the deck in America's favor. You don't have steel.

The European Commission had already warned on Wednesday that if the U.S. went ahead with its plan, it would retaliate with increased tariffs on American goods such as Bourbon whiskey, Levis jeans, Florida orange juice and peanut butter.

Presidential counselor Kellyanne Conway said Thursday on the Fox News Channel that 'the president has called a meeting today at 3:30.

Beyond imposing retaliatory tariffs on USA goods, the EU is prepared to file a case at the World Trade Organization against the Trump administration in cooperation with other countries and to introduce "safeguard" measures to prevent steel shipments from other parts of the world to America from being diverted to the European market and flooding it. "The business community sure hopes the administration will carefully do all the work it needs to do to make this an easy and transparent process".