Despite promised blowback from Europe, Donald Trump formally raised steel and aluminum tariffs to 50% from 25% on Tuesday. The move by the president raises trade tensions at a time when the US is locked in negotiations with numerous trading partners over his so-called “reciprocal” duties before a July 9 deadline.

The OECD said President Donald Trump's tariffs are hitting economic growth in the US and globally too, and warned of consequences for jobs and incomes.

U.S. stocks were mixed at midday after opening lower following President Trump's announced plans to double tariffs on imported steel and aluminum.