Oil prices edged up to a two-week high on Tuesday as sanctions raised concerns about Russian and Iranian oil supplies and on rising Middle East tensions, outweighing worries that trade tariffs would boost inflation and dampen global economic growth.

President Donald Trump announced on Monday that he would implement tariffs of 25 percent on all steel and aluminum imports to the United States.

U.S. stocks are slipping Tuesday following President Donald Trump’s latest escalation against the United States’ trading partners with tariffs. The S&P 500 was edging down by 0.2% in the U.S. stock market’s first trading since Trump announced 25% tariffs on all foreign steel and aluminum coming into the country.

European Union chief Ursula von der Leyen vowed on Tuesday that U.S. tariffs on steel and aluminum “will not go unanswered,” adding that they will trigger tough countermeasures from the 27-nation bloc.

European Union chief Ursula von der Leyen vowed on Tuesday that U.S. tariffs on steel and aluminum “will not go unanswered,” adding that they will trigger tough countermeasures from the 27-nation bloc.

The European Union vowed to respond to 25% tariffs President Donald Trump said the US will impose on steel and aluminum imports, escalating a potential trade dispute with one of Washington’s closest allies.

The rapid-fire shots of tariffs and import curbs hearken back to Trump’s first term in office, when the U.S. and China engaged in a trade war that spanned most of Trump’s first four years in office and was continued to a certain extent under his successor, Joe Biden.

China's tit-for-tat import taxes on some American goods are coming into effect on Monday, as the trade war between the world's two biggest economies escalates and US President Donald Trump threatens to hit more countries with tariffs.

Canadian Prime Minister Justin Trudeau said on Tuesday that Canada would seek to highlight the negative impact of the United States' steel and aluminium tariffs and that - if needed - the response from Canada would be firm and clear.

Canadian Prime Minister Justin Trudeau said Canada and the U.S. should be working together but that the country will stand up for itself if needbe.