President Trump imposed a 25 percent tariff on metal imports. The move is expected to raise costs for U.S. manufacturers of cars, solar panels and other products, potentially slowing the economy.

President Trump officially increased tariffs on all steel and aluminum imports to 25%. The European Union quickly announced in-kind retaliation.

The 25% global levy comes after the U.S. and Canada backed off additional measures. The European Union responded with retaliatory tariffs.