The announcement Friday of a staggering 50% levy on steel imports stoked fear that big-ticket purchases could see major price increases.

The EU prepares countermeasures after Trump slaps 50% steel tariffs, threatening to derail ongoing trade talks with Brussels.

The European Commission reacted strongly to Donald Trump's decision to increase tariffs on steel and aluminum imported from the EU to 50 percent. Brussels announced possible retaliatory measures and warned: this harms the global economy and affects industry on both sides of the Atlantic.