Salzgitter, Germany's second-biggest steelmaker, on Monday warned that Washington's tariff policy was dealing a severe blow to European industry, after the U.S. administration unveiled plans to double steel import levies to 50%.

President Donald Trump on Sunday said he was delaying imposing planned 50 percent tariffs on trade with the European Union from June 1 to July 9 following a request from European Commission President Ursula von der Leyen.

Trump's announcement comes days after he threatened the EU with a 50% tariff after having paused reciprocal tariffs on it and other nations in April.

Commerce Secretary Howard Lutnick said Sunday that “tariffs are not going away” after a US appeals court paused a block on many of the Trump administration’s sweeping tariffs.

Wells Fargo's Christopher Harvey thinks a 10% tariff could be split evenly between importers, corporations, and consumers.

U.S. Commerce Secretary Howard Lutnick downplayed the impact of legal uncertainty around U.S. tariffs on negotiations with the European Union (EU) during an interview on Sunday, saying talks were ongoing.

Stocks jumped on Tuesday, after Mr. Trump announced over the Memorial Day weekend that he would pause the implementation of steep tariffs on the European Union until July 9 to allow more time for trade negotiations with the 27-country bloc.

The delay offers the bloc more time to negotiate a trade deal and avert 50% tariffs that Trump had threatened to impose on June 1.

Aluminium industry body AAI has expressed concerns that US President Donald Trump's announcement to double tariffs on aluminium imports in that country will hurt the Indian manufacturers who are already under pressure from surging low-cost imports.