The European Union criticized U.S. President Donald Trump's move to hike tariffs on steel imports, saying it "adds further uncertainty to the global economy." Trump announced Friday he was doubling tariffs on steel imports to 50% from 25%.

The European Commission said on Saturday that Europe was prepared to retaliate against President Donald Trump's plan to double tariffs on imported steel and aluminum, raising the prospect of an escalating trade fight between two of the world's largest economic powers.

President Trump said at a rally in Pennsylvania on Friday that he is going to double tariffs on steel imports from 25% to 50%. The hike, the president said, "will even further secure the steel industry in the United States.