Trump slapped similar tariffs on EU steel and aluminum during his first term in office, which enraged European and other allies. The EU also imposed countermeasures in retaliation at the time, raising tariffs on U.S.-made motorcycles, bourbon, peanut butter and jeans, among other items.

The European Union announced Wednesday counter tariffs of 26 billion euros ($28.33 billion) on U.S. goods, "matching the economic scope" of President Trump's levies. The big picture: Trump's 25% tariffs on all steel and aluminium imports took effect earlier on Wednesday.