The European Union estimates that the first wave of Donald Trump’s steel and aluminum tariffs will hit as much as €28 billion ($29.3 billion) of the bloc’s exports in what would be a massive escalation in the US president’s trade war.

As part of his effort to rewrite global trade rules, Trump announced a series of duties including 25 per cent tariffs on steel and aluminum exports that could take effect as soon as March 12

The 25% tariffs on imported steel could be a boon for Cleveland producers like Cleveland-Cliffs, but hurt manufacturers and consumers.

The European Union has vowed to take firm and proportionate countermeasures in response to U.S. President Donald Trump’s imposition of tariffs on all steel and aluminum imports.

The European Commission is investigating whether to tighten its current system of quotas on steel imports to protect EU producers from new tariffs U.S. President Donald Trump plans to impose on incoming steel and aluminium on March 12.

A top European Union official, who is trying to head off a potential trade conflict, stressed the importance of active engagement and fairness in trade during a four-hour meeting with Trump administration officials on Wednesday.

The European Union plans to safeguard its economic interests by imposing countermeasures in response to the U.S. tariffs, according to EU officials.

U.S. tariffs could cause the prices of steel and aluminum cans to rise, an increase that may ultimately be passed on to consumers.