President Donald Trump officially announced Thursday that the U.S. would impose tariffs on aluminum and steel imports, launching a flood a criticism from business groups that said the decision would harm the U.S. economy.

"Steel is an important input for transportation construction—for every $1 spent on highway and bridge construction, 10 cents goes toward steel-related materials," the American Road & Transportation Builders Association said in a statement. "As such, if President Trump's new tariff on steel leads to price increases, there will be adverse effects on the transportation construction industry's ability to deliver needed infrastructure improvement projects."

Trump's tariffs are not as far-reaching as originally proposed. Imports from Canada and Mexico will be exempt. However, the U.S. will impose a 25 percent tariff on steel and a 10 percent tariff on aluminum from other countries. The policy will go into effect in two weeks.

The decision was met with widespread condemnation from business groups that have otherwise supported the president's efforts to lower taxes and ease regulations.

"At a time when the economy is bouncing back—more companies are hiring and paying higher wages—the Trump administration risks reversing its successes with ill-advised tariffs," Consumer Technology Association CEO Gary Shapiro said.

Aerospace Industries Association CEO Eric Fanning noted the aerospace industry relies heavily on steel and aluminum imports to manufacture aircraft and other products.

"Our industry employs 2.4 million people and produced a trade surplus of $86 billion last year," Fanning said. "Tariffs on aluminum and steel would jeopardize that surplus and put those jobs at risk."

National Retail Federation CEO Matthew Shay called the decisions a "self-inflicted wound on the nation's economy."

"Consumers are just beginning to see more money in their paychecks following tax reform, but those gains will soon be offset by higher prices for products ranging from canned goods to cars to electronics," he said.

The Beer Institute asked Trump to carve out an exemption in aluminum tariffs, given the metal is used to make beer cans.

"Our nation's more than 5,000 active breweries are supporting more than 2.2 million jobs and helping to pour more than $350 billion into our national economy," CEO Jim McGreevy said. "This tariff will raise costs and slow the innovation that has made our nation's beer industry more vibrant than at any point in history."

One group that celebrated the decision is the American Iron and Steel Institute. CEO Thomas Gibson said Trump's action "is key in stemming the tide of unfair foreign imports and putting steel workers back to work."

"U.S. Steel will be restarting one of the blast furnaces that has been idle since December 2015 due to global excess steel capacity and unfairly traded steel imports," Gibson said. "With the signing today, the steel industry can be on track to maintain our essential contributions to national security and critical infrastructure like transportation, public health and safety, energy and the power grid—all of which rely heavily on steel."

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