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.

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.

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.

The European Union announced countermeasures targeting the U.S. after President Donald Trump's 25% tariffs on steel and aluminum imports came into effect.