European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,

President Trump said the U.S. will delay a threatened 50% tariff on goods from the European Union from June 1 until July 9.

Earlier this year, the Trump administration imposed a 20 percent tariff on most EU imports before dropping it to 10 percent a week later. That rate was set to return to 20 percent in early July if a deal was not brokered within Trump’s original 90-day deadline.