The European Union estimates that the first wave of Donald Trump’s steel and aluminum tariffs will hit as much as €28 billion ($29.3 billion) of the bloc’s exports in what would be a massive escalation in the US president’s trade war.

The European Union has vowed to take firm and proportionate countermeasures in response to U.S. President Donald Trump’s imposition of tariffs on all steel and aluminum imports.

The amount of goods would be about four times larger than the last time Trump targeted the bloc’s metals sector.

The European Union estimated that the first wave of tariffs on steel and aluminium imposed by US President Donald Trump will result in a hit to EU exports worth up to €28 billion (approx. US$29.3 billion).