The European Union announced retaliatory tariffs worth around $28 billion to match the “economic scope” of Trump’s tariffs.

President Donald Trump imposed sweeping 25% tariffs on all steel and aluminum imported into the United States Wednesday, a policy aimed at leveling the playing field for US manufacturing but a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.

The European Union is set to launch a probe this week into the aluminum market in a move to protect the industry from an expected surge in cheap imports displaced by President Trump's tariffs on all steel and aluminum imports into the U.