After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.

President Donald Trump has officially increased tariffs on all steel and aluminum imports to 25%. He has promised that the taxes will help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.

President Donald Trump imposed sweeping 25% tariffs on all steel and aluminum imported into the United States Wednesday, a policy aimed at leveling the playing field for US manufacturing but a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.

After President Trump’s global tariffs on steel and aluminum took effect, the European Union and Canada announced billions of dollars in levies on American goods. The stock market recovered some recent losses as investors weighed positive news on inflation against continued uncertainty.

Trump's global tariffs of 25% on all imports of steel and aluminum also extend the duties to hundreds of products made from the metals.

Donald Trump's focus on tariffs has unsettled investor, consumer, and business confidence, raising fears of a U.S. recession and global economic slowdown.