President Trump imposed a 25 percent tariff on metal imports, sparking new global trade spats as he attempts to shield the U.S. economy from foreign competition.

Two South Korean steelmakers said they were considering new investment options in the United States, while Europe's steel mills warned of a flood of surplus metal as increased tariffs on U.S. steel and aluminium imports came into force on Wednesday.

Major trade partners swiftly hit back at President Donald Trump’s increased tariffs on aluminum and steel imports, imposing stiff new taxes on U.S. products from textiles and water heaters to beef and bourbon.

President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.