EU hits back at Trump’s tariffs with $28 Billion in trade penalties

The European Union on Wednesday morning retaliated against President Donald Trump's 25% tariffs on steel and aluminum imports that went into effect at about the same time. 

The EU said it would impose counter tariffs on 26 billion euros ($28.33 billion) worth of U.S. goods that would go into effect in April, according to CNBC News.

European Commission President Ursula von der Leyen told reporters that this was to protect businesses and consumers.

“We deeply regret this measure [by the U.S.]," she said at a press conference. "Tariffs are taxes, they are bad for business and worse for consumers, they are disrupting supply chains, they bring uncertainty for the economy, jobs are at stake, prices are up and nobody needs that, neither side needs that."

Trump announced Tuesday that he would add additional tariffs on all steel and aluminum coming into the U.S. from Canada.

This will have an impact on the EU, Canada and Australia. 

Originally, Trump was going to raise tariffs on the metals from Canada to 50%, but the White House confirmed that was no longer happening.