EU announces $28 billion in counter tariffs on U.S. goods

The European Union announced Wednesday counter tariffs of 26 billion euros ($28.33 billion) on U.S. goods, "matching the economic scope" of President Trump's levies.

The big picture: Trump's 25% tariffs on all steel and aluminium imports took effect earlier on Wednesday.

Driving the news: The EU will end on April 1 the suspension of countermeasures the bloc announced during the first Trump administration, per a Wednesday statement from the European Commission.