While the inflationary impact on U.S. domestic prices is widely expected to be severe, the effect in Europe will be more mixed, according to analysts.

President Donald Trump raised levies on US imports of steel and aluminum to 50% from 25% as he ratcheted up his campaign to reshape the country’s trade ties with the rest of the world.

Markets on Wall Street inched up quietly early Wednesday as President Donald Trump's 50% tariffs on imports of steel and aluminum were due to kick in and U.S and European trade officials met in Paris to negotiate their tariff spat.

A 50 percent tax on European imports would hit the continent hard, hurt the U.S. economy and slow growth globally.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of hou

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.