Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty.

The EU is set to impose tariffs on a range of US goods worth some $28 billion in response to President Donald Trump's decision to increase tariffs on all steel and aluminum imports to 25%

President Trump said Tuesday that he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada, escalating a trade war with the United States' northern neighbor and standing unmoved by recent stock market turmoil and rising recession risks.