European steelmakers traded firmly higher Friday, with mining stocks following suit, after a jump in iron ore prices linked to a brewing trade dispute between the U.S. and China.

U.S. President Donald Trump said Thursday that he would launch an investigation into anti-competitive practices from China's steelmakers, whom he accused of dumping cheap exports into the American market, and hinted at possible tariffs in reply.

"Steel is critical to both our economy and our military," the President said. "This is not an area where we can afford to become dependent on foreign countries."

READ MORE: Miners Lead European Gainers After Trump Targets China Exporters

This article was written by a staff member of TheStreet.

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