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.

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