President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,

The European Union and the US are headed in the “right direction” in trade talks, though new American levies on steel and aluminum imports aren’t helpful if both sides want to maintain momentum, Maros Sefcovic said after meeting with US Trade Representative Jamieson Greer.