Shares of steel and aluminum companies outperformed broader stock benchmarks Tuesday after President Trump said in a social media post that he would boost the planned 25% tariff on Canadian imports of the metals to 50% in the escalating trade war between the countries.

Donald Trump threatened on Wednesday to escalate a global trade war with further tariffs on European Union goods, as major U.S. trading partners said they would retaliate for trade barriers already erected by the U.