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 Commission is investigating whether to tighten its current system of quotas on steel imports to protect EU producers from new tariffs U.S. President Donald Trump plans to impose on incoming steel and aluminium on March 12.

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.

EU member states are committed to defending Europe's steel and aluminium industries from potential market disruption. Poland's trade minister emphasized supporting the European Commission's proportional response to U.

The European Union's executive branch on Friday vowed to “take firm and immediate action" against U.S. President Donald Trump’s imposition of tariffs on steel and aluminum. The European Commission said in a statement that Trump’s proposed “reciprocal” trade policy goes “in the wrong direction.

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).