'A lose-lose scenario': World leaders vow to retaliate against Trump's metal tariffs – video

The US's decision to to resume 25% tariffs on steel and aluminium imports will fuel inflation and create a 'lose-lose scenario', the EU trade commissioner, Maroš Šefčovič, told the European parliament on Tuesday. He added that the EU 'will be responding in a firm and proportionate way by countermeasures'.

The German chancellor, Olaf Scholz, told the Bundestag the EU would react in unison to US tariffs but he hoped that path could be avoided because, 'in the end, trade wars always cost both sides prosperity'. Hong Kong's chief secretary, Eric Chan, said Hong Kong would file a complaint about recent US tariffs imposed on it to the World Trade Organization.

The tariffs are scheduled to take effect on 12 March. Trump told reporters in the Oval Office when signing the executive order that the tariffs would be imposed 'without exceptions or exemptions' and it was 'the beginning of making America rich again'

• Canada, Mexico and EU criticise Trump’s metal tariffs amid fears of trade war

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