President Donald Trump on Friday threatened a 50% tariff on goods from the European Union, citing a lack of progress in current trade negotiations.

President Trump signed an order Tuesday doubling tariffs to 50% on steel and aluminum imports — drawing swift criticism from officials in neighboring Canada and Mexico.Why it matters: Trump's order said the increased tariffs that took effect early Wednesday "will more effectively counter" countries that "offload low-priced,

The European Union said it is preparing “countermeasures” against the U.S. following President Donald Trump’s unexpected announcement that he would increase his tariffs on steel. EU Commission President Ursula von der Leyen and Trump last week agreed to “rapidly” begin on a trade deal.