Despite an exemption from 50 percent tariffs, Britain still faces a 25 percent duty because its trade deal with the United States has yet to be put in place.

But while American steel industry groups have hailed the tariff hike, economic experts have sounded alarms, saying it could further disrupt the already volatile global supply chai

Officials from the European Union and the United States will start a new negotiating push, after President Trump delayed until July 9 tariffs of 50 percent.

The European Central Bank (ECB) has cut its key interest rate for the eighth time in just over a year as it warned about continuing pressure on the eurozone from Donald Trump's tariffs. The main rate has been reduced from 2.