The European Union on Wednesday announced retaliatory trade action with new duties on U.S. industrial and farm products, responding within hours to the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%.

The European Union said it will impose retaliatory tariffs worth $28 billion on U.S. industrial and agricultural goods, following the Trump Administration's decision to raise tariffs on steel and aluminum imports to 25 percent. The EU tariffs will take effect on April 1 and be fully implemented by mid-month.