“In the event that our negotiations do not lead to a balanced outcome, the EU is prepared to impose countermeasures, including in response to this latest tariff increase,” Gill said. He said the EU is finalizing an “expanded list of countermeasures” that would “automatically take effect on July 14 or earlier,” which is when the 90-day pause in most tariffs enacted by Trump ends. Trump hit the EU with a 20% “reciprocal tariff,” before they were paused. Trump announced a 50% tariff on steel imports while at an event in Pittsburgh on Friday, creating uncertainty in the financial markets. “We are going to be imposing a 25% increase,” Trump said while speaking at US Steel’s Mon Valley Works–Irvin Plant. “We’re going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States.” The EU had offered the U.S. a “zero for zero” deal in which both countries would remove tariffs on industrial goods and automobiles. Trump dismissed that proposal, but European officials have said it remains on the table.